Agricultural Commodities Price Outlook Economic Forecast

Agricultural Commodities Price Outlook

Agricultural prices rise in August

Agricultural prices increased 1.5% month-on-month in August, rebounding from July’s 5.8% dive which had marked the largest decrease in prices since April 2020.

The recovery in August was spearheaded by accelerating price growth for sugar, cotton and wheat. Strong global demand and supply concerns kept cotton prices near all-time highs in August, while sugar and coffee prices jumped due to unfavorable weather conditions   in major producer Brazil. Similarly, concerns  over future supply boosted wheat prices in August, while prices for cocoa rebounded on stronger demand. In contrast, prices for both corn and soybeans contracted for the third consecutive month in August, with the latter feeling the brunt of a softening demand backdrop . This, coupled with another dip in rice prices—which have been contracting since February—cooled the overall upturn in the month.

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Agricultural Historical Price Data

2015  2016  2017  2018  2019  
Corn378.13  359.41  361.24  369.89  384.98  
Soybeans943.11  987.01  977.8  934.24  892.18  
Wheat508.73  438.86  439.48  496.56  494.16  
Cocoa3136.98  2893.27  2029.25  2293.11  2341.39  
Coffee132.27  137.88  131.9  113.73  98.37  
Cotton63.34  65.58  73.33  82.04  67.41  
Sugar13.43  18.08  15.99  12.56  12.7  
Wool1198.43  1293.69  1538.78  1905.59  1747.02  
Palm oil614.96  705.39  719.93  596.12  565.69  
Rice386.9  395.3  397.14  420.23  417.19  

Note:
Corn prices in USD cents per bushel (bu).
Soybeans prices in USD cents per bushel (bu).
Wheat prices in USD cents per bushel (bu).
Cocoa prices in USD per metric ton (mt).
Coffee prices in USD cents per pound (lb).
Cotton prices in USD cents per pound (lb).
Sugar prices in USD cents per pound (lb).
Wool prices in AUD cents per kilogram (kg).
All prices are average of period (aop).

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