[Goldman Sachs: Triple risks push up agricultural product prices and trade barriers may amplify the impact] September 8th, Goldman Sachs’ latest research report pointed out that although the global agricultural market enters 2026 with relatively sufficient stocks, the triple risks of the Strait of Hormuz, the Black Sea situation and "Super El Niño" are rising at the same time. Coupled with the increasingly inward-looking trade policies of various countries, agricultural product prices face greater risks of tail increases. Goldman Sachs believes that the greater risk comes from the amplified impact of trade protection. The average annual number of new agricultural trade restrictions has roughly doubled since 2020, and export bans and grain hoarding may drain international supply far beyond the actual scale of production reductions. If the market is cut off due to trade barriers, the price impact of the same supply shock in a regional market halved in size may be doubled.