Global agricultural prices recorded their largest quarterly increase since March 2022, with the Bloomberg Agriculture Spot Index rising 13% in the three months through September. The index tracks 10 major farm commodities, including soybeans and coffee. Higher prices were driven by uncertainty over supplies amid intensified Russia-Ukraine fighting, adverse weather in the United States and Europe, a strong El Nino, and India’s weakest monsoon season in a decade. US-China agricultural trade also supported prices: China continued buying US soybeans, while an agreement lowered tariffs on US wheat and corn but left additional tariffs on US soybeans in place. The US Department of Agriculture’s September 30 outlook for ample supplies briefly pushed Chicago grain futures lower, although corn and wheat still gained 15% each in the third quarter and soybeans rose 13%. A sustained rally could increase food-price pressures and make it harder for central banks to meet inflation targets.