Crop Prices Hit Highest Since 2023 as War and Bad Weather Bite

The extended closure of the Strait of Hormuz and extreme weather have jolted farm commodities prices to a two-year high, as fertilizer headaches and the prospect of smaller harvests drive food inflation risks.

The Bloomberg Agriculture Spot Index, which tracks 10 of the world’s top-selling crop products, has climbed for a third straight month to the highest since November 2023. That’s a pronounced shift from before the Middle East war, when most crop prices were weighed down by abundant inventory and bumper harvests.