A farmer collects grain from a combine harvester during a wheat harvest on a farm in Drew, Mississippi, US, on Tuesday, June 2, 2026. Wheat prices fell to their lowest in more than a month due to lackluster demand and robust global supplies. | Bloomberg
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Global food prices edged lower as a ceasefire between the US and Iran reduced concerns of further disruptions to supply chains.
The United Nations’ index of food-commodity prices fell 0.3% in June from the previous month, led by grains and sugar, according to a Friday report from the Food and Agriculture Organization.The interim peace agreement, which opened a negotiating period between Washington and Tehran, has restored trade flows through the Strait of Hormuz, a critical artery for grain shipments and agricultural inputs such as fertilizer and diesel. The Iran war risk premium that swept through crop and fertilizer markets evaporated in early June, easing fears of prolonged supply disruptions.
