War, weather push crop prices to biggest monthly gain Since 2012 - The Economic Times Benchmarks
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News›News›Economy›Agriculture›War, weather push crop prices to biggest monthly gain Since
2012 The Economic Times daily newspaper is available online now. Read Today's Paper War, weather push crop prices to
biggest monthly gain Since 2012SECTIONSWar, weather push crop prices to biggest monthly gain Since 2012By Eleanor
Thornber and Ben Westcott, BloombergLast Updated: Sep 01, 2026, 12:05:00 PM ISTRate StoryFollow usShareFont
SizeAbcSmallAbcMediumAbcLargeSavePrintCommentSynopsisCrop prices saw their largest monthly jump in over a decade. Wheat
prices reached a three-year high as Black Sea shipments were impacted. Sugar and cocoa also increased substantially due
to El Niño weather worries. These rising costs threaten everyday pantry staples like bread and dairy.iStockFor
wheat, grain exports from Ukraine and Russia have slowed as both sides strike each other’s ships and ports. Crop
prices capped their biggest monthly jump in more than a decade as wars and extreme weather disrupt supplies, raising
concerns about food inflation.The Bloomberg Agriculture Spot Index, which tracks 10 major products, rose more than 13%
in August, the steepest gain since July 2012. Wheat has been one of the biggest drivers, with prices recently reaching a
three-year high as Black Sea port attacks slash shipments from a major growing region. Sugar and cocoa were up more than
20% as a strengthening El Niño fuels weather worries.While it can take time for pricier crops to feed through to
supermarket shelves, the gains come on top of rising energy and transport bills driven by the war in Iran. That’s
fueling worries about the cost of everyday pantry staples from bread to meat and dairy.For wheat, grain exports from
Ukraine and Russia have slowed as both sides strike each other’s ships and ports. Russia is also preparing to escalate
attacks after concluding that negotiations for a peace deal have reached a dead end, Bloomberg reported last week.“The
Ukraine government is purchasing large supplies of silo bags, while Russia is looking at huge rail subsidies to reroute
a modest portion of its grain exports to the Baltic, reflecting both countries’ expectation that the war on grain will
persist,” AgResource Co. said in a note.Live EventsTogether, the two nations account for more than a quarter of the
world’s wheat exports, as well as large amounts of barley, corn and sunflower oil. That’s leaving few obvious
options to fill the gap, Lachstock Consulting said in a Monday note. Unsold grain is piling up, and Ukraine’s
agriculture ministry expects farmers to plant less winter wheat for the 2027 season.Bloomberg“Argentine quality is
questionable, Canada has limits, Australia has export capacity constraints and US wheat is increasingly the expensive
residual supplier,” Lachstock said. “Unless Black Sea exports begin flowing again, the market increasingly looks to
be dealing with a multi-season supply issue rather than a short-term logistics problem.”Turkish Foreign Minister Hakan
Fidan said Monday that Turkey is working for a Black Sea deal. While Fidan’s comments, along with end-of-month
profit-taking, helped pressure wheat futures to fall as much as 3.6% — the most in a month — the easing did little
to dent August’s rally.Poor weather has been an additional headache, with US and European corn harvests both hit by
summer heat waves. A powerful El Niño is also set to pose risks to crops into next year. That has boosted commodities
like cocoa, with concerns over how the weather phenomenon will impact crop development in the top growing region of West
Africa.New York sugar futures gained more than 20% in August, the biggest gain since 2010, as major producer India faces
tight stockpiles just as demand climbs for the festival season. The government recently took the rare step of allowing
some duty-free imports in an effort to curb prices.Renewed tensions in the Middle East are also reviving worries about
fuel and fertilizer flows, vital inputs for the world’s farmers. The US struck Iranian rocket launchers over the
weekend, its first military action against the country in weeks.Cotton futures settled at the highest level in almost
two-and-a-half years as the renewed hostilities caused oil to rise, making the natural fiber more competitive against
petroleum-derived alternatives such as polyester. Add as a Reliable and Trusted News Source Add Now! (You can now
subscribe to our Economic Times WhatsApp channel)Read More News oncrop priceswheat pricesEl Niño effects on
cropsfood inflationBlack Sea exportssupply chain disruptions (You can now subscribe to our Economic Times WhatsApp
channel)Read More News oncrop priceswheat pricesEl Niño effects on cropsfood inflationBlack Sea exportssupply
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