The UN Food and Agriculture Organization said its food price index rose 0.6% MoM in July to the highest level in more than three years, led by gains in cereals, sugar and vegetable oils. Market focus has shifted to weak harvests, trade uncertainty and extreme weather. Escalating attacks in the Russia‑Ukraine war have intensified supply concerns for Black Sea exports, lifting wheat to a two‑year high in June. Extreme heat has damaged European crops and US drought threatens corn and soybean yields

The UN Food and Agriculture Organization said its food price index rose 0.6% MoM in July to the highest level in more than three years, led by gains in cereals, sugar and vegetable oils. Market focus has shifted to weak harvests, trade uncertainty and extreme weather. Escalating attacks in the Russia‑Ukraine war have intensified supply concerns for Black Sea exports, lifting wheat to a two‑year high in June. Extreme heat has damaged European crops and US drought threatens corn and soybean yields. Iran‑related fighting has disrupted fertilizer supplies and pushed energy costs higher, and a strong El Nifio raises further production and trade risks for global food markets.