Commodities Focus

The next phase of food inflation may be determined as much by energy policy and geopolitics as by crop yields. In this episode of Platts Commodities Focus podcast, the S&P Global Energy news team explores the structural forces reshaping agricultural markets, from tightening global beef supplies and rising biofuel demand to trade tensions between Washington and Beijing and the growing threat of El Niño.

Join Aditya Kondalamahanty, senior editor, agriculture and food, Sampad Nandy, editor, grains and oilseeds, Sayona anna John, editor, protein markets, and Samyak Pandey, senior editor, oilseeds and biofuels markets, as they discuss the intersection of energy policy, weather volatility, and geopolitical conflict with food supply chains, and the implications for consumers, traders and policymakers in the coming year.

The National Oceanic and Atmospheric Administration has forecast high chances of El Nino developing in 2026, potentially disrupting weather patterns worldwide. Renewed weather volatility driven by a strong El Nino is spotlighting supply security, price trends, and export flows across Asian rice markets. As demand for rice stays resilient, market participants are closely monitoring the risks from erratic monsoons, reduced water availability, and rising input costs in major producing countries.

In the inaugural episode of a four-part podcast series on El Nino and its impact on key agricultural commodities, host Asim Anand is joined by Platts price reporters Ayushi Baloni and Muskan Aggarwal, alongside CERA Analyst Dipanshi Agarwal. Together, they discuss how El Nino is reshaping rice production, exports, and pricing across Asia.

Asian LNG markets are facing renewed pressure as the US–Iran conflict raises concerns over supply security and shipping through the Strait of Hormuz. With the initial price shock now absorbed, the focus is shifting to the next phase of the crisis: how the supply-demand balance is evolving and which market signals will drive price direction.

Join Jaime Wong, commodity associate, APAC LNG pricing, Cindy Yeo, price reporter, Suyash Pande, senior price reporter, and James Taverner, executive director, global gas and LNG research, as they examine the market's initial response, the outlook for Asian LNG demand and supply, and what the evolving risk landscape could mean for spot and forward prices.

The Middle East imports the majority of the chicken it consumes, with Brazil the dominant origin and most cargo routed through the Strait of Hormuz to Gulf ports. When that route was effectively disrupted in early March 2026, the Platts CIF Middle East chicken breast assessment moved from $2,320 a tonne in early February to a peak of $3,150 by mid-April — a 36% increase over eight weeks, driven by freight and routing costs rather than any change in supply or demand. This episode traces how that shock travelled through the container freight market, through the poultry benchmark itself, and into a slower-moving story around Brazilian feed and fertilizer costs that could feed back into Middle East import prices in the seasons ahead.

Karan Dadure, associate price reporter covering Middle East poultry markets at S&P Global Energy, joins Arif Islam, Platts price reporter covering shipping freight across the Europe, Middle East, Africa region, and Magdalena Michalik, principal analyst for European proteins at S&P Global Energy, to discuss how the disruption about the Strait of Hormuz repriced Middle East chicken imports, the freight cost dynamics that drove it, and the slower-moving feed and fertilizer story that could shape Brazilian poultry export prices into the 2026-27 season.

India's emerging compliance carbon market under the Carbon Credit Trading Scheme (CCTS) is moving into its early implementation phase, with an intensity-based design that sets operational-level obligations for emission-intensive sectors. The scheme is expected to influence industrial planning, capital allocation, and trade competitiveness. The stakeholders need clarity on how the market will work in practice, what signals it will send on carbon pricing, and how credible emissions accounting will support trust and investment.

Vipul Garg, Platts senior price reporter, environmental markets at S&P Global Energy, joins Prabhoda Acharya, Chief Sustainability Officer at JSW Group, one of India's largest industrial conglomerates, with its major entities -- JSW Steel and JSW Cement -- expected to participate in India's emerging carbon market framework and Anirudh Iyer, Platts senior carbon price reporter to discuss the role of strong Monitoring, Reporting and Verification (MRV) and liquidity for market functioning, near-term implementation challenges, genuine emissions reduction through Europe's Carbon Border Adjustment Mechanism (CBAM) and Article 6 mechanisms.

India's corporate renewable energy market is entering a new phase. While International Renewable Energy Certificates still lead the way for buyers seeking flexibility, simplicity, and cost-effective compliance, larger corporates are increasingly exploring Virtual Power Purchase Agreements, financial contracts that allow procurement of renewable energy attributes without taking physical delivery of the power. In a structurally oversupplied Indian I-REC market, rising issuance, cyclical demand, and price sensitivity continue to shape procurement strategies.

Vipul Garg, Platts senior price reporter, environmental markets at S&P Global Energy, joins Utsab Sil Roy, head of operations at Climate Cred, an environmental solutions company that helps businesses measure, report and offset their greenhouse gas emissions, and Ahmad Afiq, Platts senior I-RECs price reporter, to discuss pricing trends, growing corporate demand, India's energy procurement mix and government policies.

India has established a strong foothold in the emerging clean fuels industry, leveraging its low-cost renewable energy resources to position itself as a competitively priced producer of renewable hydrogen and ammonia for both domestic industrial use and large-scale exports to buyers seeking to secure future supplies of low-carbon fuels. However, recent geopolitical tensions, particularly in the Middle East, have disrupted supply chains and pushed up costs, posing risks to project timelines and cost estimates. Despite these near-term challenges, India's long-term outlook remains robust, supported by the global shift from conventional fuels, an emphasis on energy security, and net-zero targets across major economies that are expected to drive future trade in renewable fuels.

Ruchira Singh, Editor—Energy Transition at S&P Global Energy joins Nishaanth Balashanmugam, CEO and Director of GH2 India--a trade body focused on accelerating renewable hydrogen in the country--and Vipul Garg, Senior Hydrogen Price Reporter at S&P Global Energy, to discuss the factors shaping the sector, including the evolving business environment, regulatory landscape, and emerging markets for renewable hydrogen.

Global wheat prices have been rising since the Middle East war began in late February. Geopolitical tensions, higher fertilizer costs, and mounting weather risks in North America, and a potential El Niño in Australia are all in focus. At the same time, Black Sea new-crop wheat is competing with Australian origin in Asia, while strong crop prospects in the Middle East and North Africa are reshaping expectations for trade flows and demand.

Join Maham Quadri, associate price reporter, North America, Vivien Tang, senior price reporter covering APAC, and Vivian Iroanya, senior price reporter for Europe, Middle East & Africa, as they talk to Pierre Cera-Huelva, global wheat analyst and head of EU crops research, to discuss how demand and trade flows will adjust in the months ahead.

Copper TC/RCs have plunged 89% since January, hitting record lows as concentrate supply tightens and demand stays firm. At the same time, the Middle East war has driven sulfuric acid prices – an important by-product for copper production - up 156% since mid-March, supporting copper smelters to maintain production, and exposing copper's growing vulnerability to geopolitical shocks.

Join Ruilin Wang, associate director of nonferrous market, Yuya Pan, senior principal analyst of sulphur & phosphate raw materials at S&P Global CERA, Lu Han, senior editor of nonferrous, and Mok YuenCheng, senior manager at S&P Global Energy, in a discussion on the evolving copper and sulphur markets.

Global beef prices are rising, with multiple record highs recorded for beef from Australia and Brazil, as well as in the US lean trimmings import market during the first quarter. Although strong US demand has supported the market, the global beef industry is facing challenges related to quotas and geopolitical risks. In this podcast, we will shed light on the increasing risks affecting the beef trade.

Join S&P Global Energy's Edward Low and Chow Yuh Nien, price reporters for agriculture and food pricing, along with Jack Mullumby, senior principal analyst for APAC proteins, as they discuss the robust global beef prices and the emerging risks to international trade.