A series of natural disasters in several food producing countries have lowered current and future production forecasts and driven up prices of many staples central to the global agricultural market. Much of the United States is experiencing the worst drought since the 1950s. About 75 percent of the corn and soybean production in the US is being affected by drought "considered severe or greater", as reported by the Economic Research Service of the US Department of Agriculture.

The US is the world's largest producer and exporter of corn and soybean, and its export prices for the two products have increased by a record 30 and 18 percent since June, according to the UN Food and Agriculture Organization.

In India, poor monsoon may reduce rice production by 5-8 percent. A similar story is being played out in Russia, where soaring temperatures and reduced rainfall in June and July have lowered wheat production outlooks.