# Policy Backgrounder: El Niño Reshapes Global Agricultural Markets

> 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.

- Date: 2026-09-10 · published 2026-09-10T12:00:00.000Z
- Category: weather · region Global · magnitude medium
- Page: https://feedsoft.ai/events/17397-policy-backgrounder-el-nino-reshapes-global-agricultural-markets
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Historically low US wheat output and El Niño risks support wheat and corn prices and add volatility for feed buyers facing higher input costs.

## Read by commodity

- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2019-05-18 | [Politics lure prices higher — this week in the grain markets - RealAgriculture](https://feedsoft.ai/events/12126-politics-lure-prices-higher-this-week-in-the-grain-markets-realagriculture.md) | +10.5% | +9.7% |
| WHEAT | 2026-06-01 | [Record global temperatures possible as chance of a 'super El Niño' grows](https://feedsoft.ai/events/19192-record-global-temperatures-possible-as-chance-of-a-super-el-nino-grows.md) | -2.6% | -1.5% |
| WHEAT | 2023-11-01 | [El Niño's Rain Games: A Global Hunger Crisis?](https://feedsoft.ai/events/33099-el-nino-s-rain-games-a-global-hunger-crisis.md) | -1.6% | -0.7% |
| WHEAT | 2026-10-08 | [El Niño raises risks for agricultural commodities in the 4th quarter - Revista Cultivar](https://feedsoft.ai/events/17054-el-nino-raises-risks-for-agricultural-commodities-in-the-4th-quarter-revista.md) | +3.7% | +3.8% |
| WHEAT | 2019-09-30 | [Markets moving back to the fundamentals - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/57107-markets-moving-back-to-the-fundamentals-agweek-1-source-for-agriculture-news.md) | +0.6% | -1.3% |
| CORN | 2026-07-20 | [El Niño casts a shadow over agri markets, but global food fears may be overblown \| articles \| ING THINK](https://feedsoft.ai/events/18242-el-nino-casts-a-shadow-over-agri-markets-but-global-food-fears-may-be-overblown.md) | +3.9% | +1.2% |
| CORN | 2019-05-18 | [Politics lure prices higher — this week in the grain markets - RealAgriculture](https://feedsoft.ai/events/12126-politics-lure-prices-higher-this-week-in-the-grain-markets-realagriculture.md) | +3.2% | +10.8% |
| CORN | 2023-11-01 | [El Niño's Rain Games: A Global Hunger Crisis?](https://feedsoft.ai/events/33099-el-nino-s-rain-games-a-global-hunger-crisis.md) | -0.1% | -4.0% |

## Sources

- conference-board.org: https://www.conference-board.org/research/policy-backgrounders/el-nino-reshapes-global-agricultural-markets

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.