What are the two main drivers pushing global crop prices to their highest level since November 2023, according to the article?

The two main drivers are the extended closure of the Strait of Hormuz—which has lifted crude oil prices and, critically, pushed fertilizer and freight costs sharply higher—and extreme weather events including persistent drought in the US Great Plains, severe weather outlooks in Australia and Russia, and forecasts of an El Niño later this year that threaten heat stress or disrupted rainfall during key growing periods for crops like palm oil, soybeans, and corn.

How has the Iran war specifically affected wheat and corn prices, and what role does fertilizer play in that impact?

The Iran war has materially changed the supply balance for wheat and corn primarily through energy, fertilizer, and logistics channels; because both crops are fertilizer-intensive, disruptions around the Strait of Hormuz have driven fertilizer costs sharply higher, contributing to a 11% surge in Chicago wheat futures since late February (reaching the highest level in almost two years) and a 6% climb in corn over the past two months (to the highest in a year).

Crop Prices Hit Highest Since 2023 as War and Bad Weather Bite

Apr 29, 2026

The Bloomberg Agriculture Spot Index reached a two-year high due to war disruptions and extreme weather, driving up costs for fertilizers, logistics, and staple crops like wheat and corn globally.

bloomberg

2026-04-29

Crop Prices Hit Highest Since 2023 as War and Bad Weather Bite

Crop Prices Hit Highest Since 2023 as War and Bad Weather Bite

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