Global agricultural commodity index surges 13%, sharpest in four years, risking higher inflation

Money & Banking··RUUA·Read original
4▲3 ▼0Impact / 5
Summary · why it matters

The Bloomberg Agriculture Spot Index, which tracks the prices of 10 key crops from soybeans to coffee, jumped 13% in the three months through September, the largest quarterly gain since March 2022. Bloomberg News reported that the main driver was the intensifying fighting between Russia and Ukraine, which has disrupted shipments of agricultural goods out of the Black Sea region, one of the world's key sources of grain and oilseed exports. Extreme weather has also hit wheat and corn production in major growing areas from the United States to Europe. Grain prices drew further support from China's continued purchases of US soybeans and from the US-China leaders' summit in late September, after which both sides announced that China would cut import tariffs on a number of US agricultural products, including wheat and corn, while keeping additional tariffs on US soybeans. Over the past quarter, corn and wheat prices in Chicago both rose about 15%, while soybean prices gained 13%. The intensifying El Niño phenomenon is also posing risks to agricultural output in many regions, and India has just come through its weakest monsoon season in a decade, which could raise the risk of higher food prices.

Impact on assets 3

Others▲ · 3 stocks
⛏KC HRW Wheat Futures
KCWHEAT
▲ PositiveSupplyrelevance

Black Sea shipment disruption and adverse weather in major growing areas cut wheat supply, supporting KC HRW wheat futures.

⛏Soybean Futures
SOYBEAN
▲ PositiveDemandrelevance

China's continued purchases of US soybeans and the US-China summit outcome support soybean demand, lifting soybean futures.

⛏Chicago SRW Wheat Futures
WHEAT
▲ PositiveSupplyrelevance

Russia-Ukraine fighting disrupts Black Sea grain shipments and extreme weather hits wheat output, tightening global wheat supply and lifting Chicago SRW wheat prices.

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