Global crop prices rose sharply during the September quarter, with wheat prices increasing 30 per cent year-on-year, but agrochemical demand remained weak amid subdued monsoon conditions in India and heat waves in overseas markets, according to a report by Jefferies.
The divergence suggests that higher crop prices have yet to translate into stronger demand for crop protection chemicals, putting pressure on agrochemical manufacturers ahead of their September-quarter earnings.
In its India Chemicals September 2026 earnings preview, Jefferies said wheat, soybean and corn prices rose 30 per cent, 22 per cent and 19 per cent year-on-year, respectively.
"Supply chain disruptions in the Black Sea and the Middle East conflict led to wheat/soybean/corn prices rising 30%/22%/19% y/y in the September quarter," the report said. - ANI
