Farm commodities surge to two-year high on Hormuz closure in Commodity News 29/04/2026 The extended closure of the Strait of Hormuz and extreme weather have pushed farm commodity prices to a two-year high, as fertilizer challenges and the prospect of smaller harvests drive food inflation risks. The Bloomberg Agriculture Spot Index, which tracks 10 of the world’s top-selling crop products, has climbed for a third straight month to the highest since November 2023. This marks a shift from before the Middle East war, when most crop prices were weighed down by abundant inventory and bumper harvests. Farmers from Asia to Australia to the US are facing converging challenges posed by the Iran war and drought, impacting prices of staple food products from bread to pasta and cooking oil. Wheat and corn, both fertilizer-intensive crops, are among the most affected. Benchmark wheat futures on the Chicago Board of Trade have surged about 12% since the war erupted in late February, and hit the highest level in almost two years this week. Corn has climbed 6% in the past two months to the highest in a year. Some farmers in major producing countries have had to reduce planting to cut costs. Persistent dryness in the US Great Plains is driving up wheat prices, while severe weather outlooks are causing concern in other key regions including Australia and Russia. The spillover effect is impacting corn. Paris corn futures have surged to a 14-month high on expectations of tighter supplies as French farmers curb planting amid soaring fuel and fertilizer costs. Source: Investing.com 2026-04-29 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share