El Nino impact on global agricultural commodity markets
The developments in this story so far, most recent first.
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· date approximate Development
El Nino impacts agricultural markets as wheat prices hit highest levels since May 2024
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· date approximate Background
Wheat and soybean prices reached their highest levels since May 2024.
In July, wheat and soybean prices reached their highest levels since May 2024. Specifically, the price per bushel for wheat reached $7.1125, while soybeans reached $12.5650.
The rise in agricultural commodity prices was driven by the El Nino weather event, global drought, and port damage caused by the Russia-Ukraine war.