Crop prices hit a three-year high due to heat waves and conflict
Crop prices have reached a three-year high, indicating potential downstream effects on supermarket prices.
The high crop prices are attributed to two major factors: heat waves and intensifying conflict in the Black Sea, which threatens to disrupt global grain trades.
Volatility in fertilizer markets, stemming from the war in Iran and the closure of the Strait of Hormuz, is also a significant factor.
This situation is referred to as an ‘input crisis’ in fertilizer supply chains.