Agricultural Commodities Price Outlook Economic Forecast

Agricultural Commodities Price Outlook

Agricultural prices rebound in October

Agricultural prices bounced back in October, increasing 2.5% month-on-month. The print contrasted September’s 2.4% decrease and marked the second rise in the past five months.

October’s increase was predominately due to higher prices for wheat and coffee as ongoing weather concerns in major–producer Brazil continued to hamper the supply outlook amid rising demand. Meanwhile, corn and palm oil prices also rose markedly in October, predominantly due to stronger demand for their use in biofuels amid rising crude oil prices. Furthermore, prices for cotton surged in October, averaging at the highest levels since 2012, due to tight supply and relatively robust demand.

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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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