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The Conference Board says the FAO Food Price Index hit 133.3 in August, its highest since late 2022, with cereal prices at their highest since May 2024. US wheat production is forecast at the lowest since 1970/71, and a strengthening El Niño adds to supply risks.
Historically low US wheat output and El Niño risks support wheat and corn prices and add volatility for feed buyers facing higher input costs.
conference-board.orgDavid K. Young, John Gardner, Mallory BlockSep 10, 2026After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
