Agricultural prices increased 1.3% month on month in January, following December’s 2.7% rise.
Prices for four of the nine agricultural commodities tracked by our panelists rose in January. Heavyweights corn and soybeans traded higher due to weaker-than-expected USDA estimates for U.S. yields, production and ending stocks in 2024/25. Moreover, cocoa and coffee prices climbed on mounting supply concerns sparked by adverse weather in key producing regions. On the flipside, wheat traded lower on an upbeat supply outlook, and rice prices decreased on India’s rising export capacity. Additionally, sugar prices fell close to a four-year low on near-record production in Brazil and a supply surplus in India that allowed the country to lift its export curbs. Meanwhile, mounting trade and geopolitical uncertainty weighed on cotton prices.
This chart displays Wheat (US¢/bu) from 2023 to 2024.
Agricultural Historical Price Data
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
---|---|---|---|---|---|---|---|---|
Corn CBOT | 658 | 617 | 489 | 479 | 438 | 445 | 395 | 428 |
Soybeans CBOT | 1,506 | 1,427 | 1,392 | 1,316 | 1,198 | 1,188 | 1,036 | 995 |
Wheat CBOT | 729 | 650 | 627 | 585 | 578 | 611 | 551 | 562 |
Cocoa ICCO | 2,600 | 2,954 | 3,470 | 4,011 | 5,750 | 8,657 | 6,803 | 8,285 |
Coffee Arabica | 184 | 186 | 156 | 170 | 184 | 219 | 246 | 289 |
Cotton ICE | 83.07 | 82.01 | 85.70 | 81.18 | 89.48 | 77.82 | 69.41 | 70.47 |
Sugar ISA | 19.87 | 24.71 | 24.61 | 24.52 | 22.10 | 19.55 | 19.36 | 20.19 |
Wool AWEX EMI | 1,348 | 1,244 | 1,155 | 1,160 | 1,174 | 1,147 | 1,109 | 1,137 |
Palm Oil | 993 | 955 | 961 | 927 | 999 | 1,037 | 1,082 | 1,353 |
Rice | 492 | 507 | 588 | 609 | 638 | 620 | 589 | 520 |