Commodities
Crop Prices Soar Amid Wars and Weather Disruptions
Crop prices are surging to their biggest monthly gain since 2012 due to wars and extreme weather disrupting supplies. The Bloomberg Agriculture Spot Index, which tracks 10 major products, has risen over 13% in August. Wheat prices have reached a three-year high as attacks on Black Sea ports slash shipments from a key growing region.
The index is heading for its steepest gain since July 2012. Sugar and cocoa prices are also up around 20%, driven by concerns about weather-related disruptions fueled by the strengthening El Niño.