Global Sustainability "Follow up on agri markets: impact of ME conflict" Dudchak

Research evidence excerpt

Global Sustainability "Follow up on agri markets: impact of ME conflict" Dudchak

Global Research

25 May 2026ab

Global Sustainability Equities

GlobalFollow up on agri markets: impact of ME conflict

Global Sustainability

Alisa Dudchak

We hosted a call with S&P Global experts on the impacts of the Middle East conflict Analyst

alisa.dudchak@ubs.com

on food and agriculture markets (replay). Below we summarise experts’ views on

+44-20-7567 0844

investor FAQs:

Victoria Kalb

Analyst

Multiplier effects (something we talk about routinely, and in relation to the current vicki.kalb@ubs.com

conflict, e.g., Outlook & Op Ed ripple effects): speakers discussed transmission +65-6495 4584

channels of the shock to food markets such as energy, fertiliser and freight

Priyanka Patel

costs as well as higher insurance premiums that are all rising simultaneously.

However, this is not the same as 2022-2023 shock, which brought a physical priyanka.patel@ubs.com

disruption given Ukraine and Russia are major producers of key crops such as +44-20-7568 0016

wheat, corn, barley and sunflower oil.

Sreedhar Mahamkali

Short term (1-3 months) most of food inflation (likely single-digit) is expected to Analyst

stem from increases in logistics and energy costs. In the 3-6 months horizon, sreedhar.mahamkali@ubs.com

+44-20-7568 8040 the experts saw a risk of higher feed cost starting to pass through the meat prices.

Charles Fruitiere

Farmer reactions could include: Analyst

charles.fruitiere@ubs.com

Switching from fertiliser-intensive crops like wheat, rapeseed (canola),

+44-20-7567 4123

corn to less fertiliser intensive, such as barley and sunflower.

Angelo Mangieri

Reducing fertiliser application could result in lower yields though the Associate Analyst

relationship is not straightforward.