Global Food Markets Squeezed Between Hormuz and El Niño

Acting as a link between the energy and food systems, the fertiliser markets are currently under pressure from the conflict in the Strait of Hormuz, thereby threatening the global food system in the coming months. This situation is compounded by other sources of tension in global agricultural markets, notably the ongoing El Niño event – which is likely to be of unprecedented magnitude – as well as climate change and the Russia-Ukraine conflict. These various stress factors could converge and lead to a major global food crisis in the coming months, although uncertainties remain.