Britain’s summer may be conforming to the stereotype, but elsewhere in the world climates are growing more extreme. A “heat dome” in southern Europe led to wildfires and droughts. Record temperatures are threatening global crop yields, sparking fears of food shortages. Orange juice is one example that is part of a larger trend. Hurricanes and tree disease in the sunshine state of Florida pushed juice prices to record highs this week.

Commodities can be a daunting prospect for new investors. Agricultural markets range from cooking oils to live pigs. These products are typically known as soft commodities. Trading mostly takes place on futures and options exchanges.

Contracts here are not always for delivery, meaning a buyer will never take in an actual physical shipment of the product. Instead, they are placing positions, either for hedging purposes on behalf of farmers or to speculate on price movements.