Agricultural Commodities Price Outlook Economic Forecast

Agricultural Commodities Price Outlook

 Agricultural prices fall again in December

Agricultural prices fell 0.9% month on month in December, softening from November’s 1.1% drop but marking the third straight month of contraction.

Prices for corn, wheat, cotton and palm oil drove the drop in agricultural prices in December amid strong supply. In particular, the extension of the Black Sea grain deal in November has removed a key source of uncertainty for global grain supply. Moreover, palm oil prices could have been supported by a new EU law banning products linked to deforestation. In contrast, prices for the other agricultural commodities that we cover rose, with rice and wool leading the gains.      

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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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