Traders are bracing for a record-smashing summer that will shake up commodities

Around the world, people are already living through the havoc brought on by global temperatures that are breaking records. It’s about to get a lot worse.

Odds are growing that 2024 will become the hottest year in history as the Northern Hemisphere barrels into summer. Prices for some of the world’s most vital commodities — natural gas, power and staple crops like wheat and soy — are climbing. The world of shipping, already thrown into chaos from the Red Sea to the Panama Canal, is likely to be rocked again by parched waterways. And the potential for destructive wildfires is increasing.

Read more from the article by Bloomberg News.