Agricultural Commodities Price Outlook Economic Forecast

Agricultural Commodities Price Outlook

Agricultural prices trend lower in June

Agricultural prices declined 1.7% month-on-month in June, after rising 6.9% in May, marking the first fall in prices since March.

June’s overall drop was driven by falling prices for corn, wheat, soybeans and palm oil. A stronger U.S. dollar and improving supply dynamics weighed on corn and wheat prices. Moreover, prices for soybeans—which are used as pig feed—dropped at the quickest rate in almost three years as China announced plans to ease soybean imports in an attempt to bolster domestic pork prices. Prices for pork have been down roughly 50% in China in recent weeks, which has forced farmers to curb output to avoid selling at a loss. However, coffee prices increased robustly in June due to some lingering supply concerns following protests in Colombia back in May, which halted exports.

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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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