Global Crop Prices Post Sharpest Quarterly Gain Since 2022 Amid Supply Disruptions

Key Facts

1The Bloomberg Agriculture Spot Index jumped 13% in the third quarter, marking its largest quarterly gain since early 2022.

2Corn and wheat prices each climbed 15%, while soybeans gained 13% amid Black Sea disruptions and El Niño risks.

The Bloomberg Agriculture Spot Index jumped 13% in the third quarter, marking its largest quarterly gain since early 2022. Reuters reported that corn and wheat prices each climbed 15%, while soybeans gained 13% amid significant shipping disruptions in the Black Sea and mounting risks from the El Niño weather pattern.

The price surge stems from a combination of geopolitical tensions in vital waterways and extreme weather patterns causing a global supply shock. According to assessments from JPMorgan and Barclays, the record strength of El Niño has impacted global harvests and sent yields plunging, suggesting persistent inflationary pressure on food prices moving forward.