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Climate physical risks and the vulnerability of global agricultural commodities

Author

Listed:
  • Yang, Hao
  • Yang, Jie
  • Feng, Yun

Abstract

This paper focuses on the impacts of climate physical risks on crop prices and proposes a novel method to evaluate the vulnerability of five agricultural commodities, i.e., wheat, maize, soybean, rice, and barley. We identified the high vulnerability of maize and high resistance of rice to shocks of physical risks. During the period from 2020 to 2022, the vulnerability of global agricultural commodity markets sharply rose. The findings provide novel insight into the influence of climate change on agricultural sectors.

Suggested Citation

  • Yang, Hao & Yang, Jie & Feng, Yun, 2026. "Climate physical risks and the vulnerability of global agricultural commodities," Economics Letters, Elsevier, vol. 258(C).
    • Handle: RePEc:eee:ecolet:v:258:y:2026:i:c:s0165176525005853
    DOI: 10.1016/j.econlet.2025.112748
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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