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The Bloomberg Agriculture Spot Index rose more than 13% in August, its largest monthly gain since July 2012, led by wheat, sugar and cocoa. Black Sea attacks, lower Russia-Ukraine grain exports and El Niño weather have tightened supplies.
Analysts warn that higher energy and transport costs from the Iran war could feed through to food prices.
Broad-based crop inflation raises input and feed costs for buyers, and the Black Sea and El Niño drivers keep grain prices supported. The pass-through to feed ingredients will depend on whether exports recover.
bloomberg.comEleanor Thornber, Ben WestcottAug 31, 2026
ttnews.comEleanor Thornber, Ben WestcottAug 31, 2026After 361 past bullish geopolitics events, WHEAT moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.
After 323 past bullish geopolitics events, CORN moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), 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.
Record monthly commodity gain led by wheat shows strong momentum and fund buying carrying into the Aug 31 session.
