Agricultural Commodities Price Outlook Economic Forecast

Agricultural Commodities Price Outlook

Agricultural prices continue to rise in April

Agricultural prices rose 2.5% on a monthly basis in April, following March’s 12.3% increase which was the strongest since July 2012, and marked the seventh consecutive month of rising prices.

Prices for agricultural commodities continued to increase in April, though last month’s rally largely ran out of steam. Of the ten commodities tracked by our analysts, six saw an increase in prices compared to last month. Cotton led the pack, boosted by weaker output in India and China due to poor weather. Similarly, lingering supply fears and high energy prices due to the Russia-Ukraine war drove a strong increase in prices for corn, while prices for rice benefited from stronger global demand. Poor weather conditions also supported soybean prices, although the increase was only marginal. In contrast, prices for palm oil dived as the global energy market somewhat stabilized after the initial supply shock. Meanwhile, wheat prices fell slightly from March but remained at historically high levels.

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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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