The agriculture tailCrop inventories remain comfortable, but GS GIR’s Lina Thomas and Daan Struyven see the upside risks to agriculture prices building.Hormuz disruptions, renewed Black Sea tensions and a potentially historic Super El Niño are arriving at the same time, while increasingly protectionist trade policies could amplify any supply shock.
Hormuz, El Niño, And The Next Food-Price Surge
One ship. One Panama Canal transit. Roughly 50 million gallons of fresh water. Now a powerful Super El Niño threatens both canal capacity and major crop regions. The next agriculture shock may hit supply and trade routes at the same time.
50 words~1 min read
