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Photo by SERGEY BOBOK/AFP via Getty ImagesCrop prices are set to cap their biggest monthly jump in more than a decade as wars and extreme weather disrupt supplies, raising concerns about food inflation.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe Bloomberg Agriculture Spot Index, which tracks 10 major products, is up more than 13 per cent in August as of Friday, heading for the steepest gain since July 2012. Wheat has been one of the biggest drivers, with prices recently reaching a three-year high as Black Sea port attacks slash shipments from a major growing region. Sugar and cocoa are also up about 20 per cent as a strengthening El Niño fuels weather worries.While it can take time for pricier crops to feed through to supermarket shelves, the gains come on top of rising energy and transport bills driven by the war in Iran. That’s fuelling worries about the cost of everyday pantry staples from bread to meat and dairy.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againFor wheat, grain exports from Ukraine and Russia have slowed as both sides strike each other’s ships and ports. Russia is also preparing to escalate attacks after concluding that negotiations for a peace deal have reached a dead end, Bloomberg reported last week.“The Ukraine government is purchasing large supplies of silo bags, while Russia is looking at huge rail subsidies to reroute a modest portion of its grain exports to the Baltic, reflecting both countries’ expectation that the war on grain will persist,” AgResource Co. said in a note.Together, the two nations account for more than a quarter of the world’s wheat exports, as well as large amounts of barley, corn and sunflower oil. That’s leaving few obvious options to fill the gap, Lachstock Consulting said in a Monday note. Unsold grain is piling up, and Ukraine’s agriculture ministry expects farmers to plant less winter wheat for the 2027 season.“Argentine quality is questionable, Canada has limits, Australia has export capacity constraints and United States wheat is increasingly the expensive residual supplier,” Lachstock said. “Unless Black Sea exports begin flowing again, the market increasingly looks to be dealing with a multi-season supply issue rather than a short-term logistics problem.”Turkish Foreign Minister Hakan Fidan said Monday that Turkey is working for a Black Sea deal. While Fidan’s comments, along with end-of-month profit-taking, helped pressure wheat futures to fall as much as 3.5 per cent — the most in a month — the easing did little to dent August’s rally.Poor weather has been an additional headache, with U.S. and European corn harvests both hit by summer heat waves. A powerful El Niño is also set to pose risks to crops into next year. That has boosted commodities like cocoa, with concerns over how the weather phenomenon will impact crop development in the top growing region of West Africa.New York sugar futures are up about 20 per cent in August, set for the biggest gain since 2010, as major producer India faces tight stockpiles just as demand climbs for the festival season. The government recently took the rare step of allowing some duty-free imports in an effort to curb prices.Renewed tensions in the Middle East are also reviving worries about fuel and fertilizer flows, vital inputs for the world’s farmers. The U.S. struck Iranian rocket launchers over the weekend, its first military action against the country in weeks.Cotton futures rose to the highest level in almost two-and-a-half years Friday as the renewed hostilities caused oil to rise, making the natural fibre more competitive against petroleum-derived alternatives such as polyester.—With assistance from Pratik Parija, Jason Rogers, Erin Ailworth and Ana Mano. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.