Agricultural Commodity Prices See Largest Monthly Increase in 14 Years

NEW YORK, August 31. /TASS/. Conflicts and weather conditions pushed agricultural commodity prices to their biggest monthly increase in August in 14 years. According to the Bloomberg Agriculture Spot Index, which tracks 10 major agricultural and food commodities, the index added 13% last month and reached $434.

Wheat was one of the main drivers of the increase, with prices recently reaching a three-year high due to the situation involving Black Sea ports, the report said. In late August, the price of a bushel of wheat (27.2 kg) rose to $7.79, the highest level since February 2023.

According to a report by analytics and consulting company Lachstock Consulting, if exports from the Black Sea basin do not resume, the market will increasingly face the problem of supplies across multiple seasons rather than a short-term logistics issue.

Another problem Bloomberg cited is poor weather caused by climate change: summer heat damaged corn crops in the US and Europe. Additional risks to next year's crops, including cocoa beans, will be posed by the El Nino climate phenomenon, which affects global weather.