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Crop prices experienced an unprecedented rise in August 2026, marking the largest monthly jump in over a decade. This surge was driven by the impact of the war in the Black Sea region and heatwaves that damaged crops, as well as the development of the El Niño phenomenon, which increases the risk of drought. Russia and Ukraine's wheat exports were significantly affected, with expectations of reduced export volumes, while the US Department of Agriculture anticipates continued stockpiling due to difficulties in grain shipments. Additionally, heatwaves caused damage to corn crops in Europe and America. Sugar and cocoa prices increased by approximately 20%, and it is expected that the El Niño phenomenon will continue to heighten the risk of production shortages in certain areas, potentially leading to further global food price increases in the coming months.
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