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A benchmark of farm-commodity prices gained 13% in the third quarter, its sharpest quarterly rise since early 2022, as crop and shipping concerns unsettled trade.
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The Bloomberg Agriculture Spot Index rose 13% from July to September, its biggest quarterly gain since the quarter ending March 2022, ANP reported. The benchmark tracks 10 farm commodities, including soybeans and coffee. Its rise measures commodity prices, not the change in supermarket bills. [1] [2]
Disruption to Black Sea exports has added to pressure on crop markets. Agricultural consultancy UkrAgroConsult reported in August that attacks on vessels and port infrastructure had disrupted operations at major Ukrainian ports, while rail and Danube routes were taking on a greater role. [8]
The UN Food and Agriculture Organization (FAO) cited Black Sea shipping disruption, weaker European crop prospects after hot, dry weather and a weaker US dollar among factors lifting international wheat prices in August. Its separate food-price index rose 1.9% from July. FAO said uncertainty over shipping was prompting importers to consider diversifying their purchases. [5] [4]
The supply picture varies by crop and location. FAO forecast global cereal stocks at 947.2 million tonnes at the close of seasons ending in 2027, slightly above opening levels, while restricted Black Sea routes were expected to leave more wheat in Russia and Ukraine. [4]
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