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23.07.26 - 17:31
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Crop Prices Hit 3-Year High As Heat & War Stoke Supply Fears; Options Whale Places $20M Corn Bet (ZeroHedge)
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Crop Prices Hit 3-Year High As Heat & War Stoke Supply Fears; Options Whale Places $20M Corn Bet
The Bloomberg Agriculture Spot Index (BCOMAGSP) climbed to a three-year high Wednesday as widening conflict across critical energy and grain trade corridors, from the Black Sea to the Strait of Hormuz and the southern Red Sea, collided with scorching heat waves across Europe and the US and mounting El Niño risks in critical agri growing belts, reviving the threat of global food inflation.
BCOMAGSP is a dollar-denominated benchmark that tracks 10 major agricultural futures, including Chicago and Kansas City wheat, corn, soybeans, soybean meal, soybean oil, coffee, cocoa, sugar, and cotton. On Wednesday, the index jumped to a level not seen since July 2023, continuing a seven-week advance.
Chicago wheat and soybean futures hit two-year highs as Russian and Ukrainian strikes in the Black Sea threatened grain shipments from a region responsible for more than a quarter of global wheat exports. Rising c...
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