Heat Waves Fuel Crop Price Surge as Farmers Hesitate to Invest

Severe heat waves across the US Midwest have pushed crop prices higher, with corn breaking above $5 a bushel and up roughly 15% from the end of July.

This marks territory not seen since 2023, and Europe's grain fields are also struggling under the heat. The ongoing conflict between Russia and Ukraine is further snarling Black Sea exports.

Despite these challenges, China has increased its purchases of US soybeans in recent times.

The Bloomberg Agriculture Spot Index has climbed over 20% since the end of June, offering a timely boost to US growers as harvest kicks off.