Global agricultural prices rose in the third quarter at their fastest pace since Russia’s invasion of Ukraine in 2022.
A Bloomberg index, a proxy for agriculture prices tracking 10 major crops that include soya beans and coffee, climbed 13% over the quarter.
In recent months, increased conflicts between Russia and Ukraine have disrupted crop shipments through the Black Sea, a vital export route for grains and oilseeds.
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That has tightened global supplies and forced countries in Asia and Africa to look for alternative sources.
Extreme weather has also reduced wheat and maize harvests in key growing regions in the United States and Europe.
At the same time, large-scale Chinese purchases of US soya beans have added further upward pressure on prices.
There are also concerns that the El Niño weather pattern could cut harvests of commodities including palm oil and cocoa.
