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In this table and all tables in this release numbers may not sum due to rounding. The general crop protection market environment[2] Preliminary projections estimate the global crop protection industry to increase by High crop prices incentivized another year of increases in global planted areas, which drove higher crop protection volumes as well as by higher pricing. Crop prices remain elevated above historic averages despite decreasing somewhat in the last two quarters, after reaching historically high levels in Q1 Prices are expected to remain elevated into , supported by key fundamentals including very low stocks, unfavorable weather conditions in the Americas and parts of Europe and continued supply disruptions exacerbated by the conflict in Ukraine as well as the energy crisis in Europe.

However, weaker economic conditions and broad-based monetary tightening could weigh on consumer demand, softening prices further. Farmer profitability continues to face pressures from high production costs, mainly from high fertilizer prices, driven by a surge in energy costs and the application of international economic sanctions to Russia and Belarus both large fertilizer exporters , as well as supply disruption and tight availability caused by the conflict in Ukraine.

Despite this, farming activities are nevertheless still very profitable in most regions. Crude oil prices continued to decline in the third quarter of from the peak levels reached in the first quarter of , mainly due to concerns regarding the global economic outlook.

European gas prices and indirectly Asian spot LNG prices reached record highs in the third quarter of following the sharp decline in Russian gas flows to Europe and a tight energy market. Meanwhile, prices in the United States reached their highest summer levels since Global container freight rates have dropped significantly in the third quarter of , driven by a further weakening in demand in the light of high inflation and slower-than-expected economic growth, easing port congestion.

A large amount of scheduled new deliveries of container vessel capacity, starting from the end of , is expected to further soften port congestion and put container shipping rates under pressure. Prices for raw materials, intermediates and active ingredients reached peak levels towards the end of ; however, since then there has been a general softening of prices in China and an increase in prices of such products in other geographies.

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