South African Farms Face El Niño Drought Risk on Top of Iran War

South African farms are at risk of drought due to the El Niño weather phenomenon, compounding existing challenges from geopolitical tensions related to the Iran conflict. This situation may exacerbate supply disruptions in agricultural commodities, particularly affecting grains and other crops, which could lead to increased prices. The risk appetite in global markets may shift as traders reassess the potential for inflationary pressures stemming from reduced agricultural output. Key data to watch includes upcoming weather forecasts and crop yield reports that could provide insights into the severity of the drought and its impact on supply chains.

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