BCOMAGSP is a dollar-denominated benchmark that tracks 10 major agricultural futures, including Chicago and Kansas City wheat, corn, soybeans, soybean meal, soybean oil, coffee, cocoa, sugar, and cotton. Chicago wheat and soybean futures hit two-year highs as Russian and Ukrainian strikes in the Black Sea threatened grain shipments from a region responsible for more than a quarter of global wheat exports. Rising crude prices are also boosting demand for biofuel feedstocks, while heat waves in Europe and the US threaten critical agricultural growing regions. Then there's the El Niño weather phenomenon, which is set to be the strongest in more than 75 years. Sea Surface TempsA negative El Niño Southern Oscillation Index indicates pressure patterns consistent with El Niño, typically associated with weaker Pacific trade winds and warmer-than-average sea surface temperatures in the central and eastern Pacific.