Crop prices rose to a three-year high as heat waves and escalating attacks in the Black Sea threatened to disrupt global grain trade, reviving risks to food inflation that have also been stoked by the war in Iran.
The Bloomberg Agriculture Spot Index, which tracks 10 major crop products, reached the highest since July 2023 on Wednesday, advancing for a seventh week. Prices previously peaked in May as the Iran conflict disrupted fertilizer and fuel shipments, before the risk premium faded the following month. Now, crops are rising anew as fresh war and weather risks emerge.
