Agricultural prices increased 3.5% month on month in May, following April’s 1.1% rise.
In May, agricultural prices rose to a 15-month high, with all but two of the nine commodities tracked by our panel trading higher month on month on average. Rising crude oil prices amid the Iran war continued to drive demand for cheaper plant-based fuel, in turn lifting prices for its inputs such as corn, palm oil, sugar and soybeans. Additionally, the anticipated arrival of the El Niño weather phenomenon in the coming months also sparked supply fears for agricultural commodities grown in Asia and the Americas, as key growing regions on the continent are set to experience unusually dry and hot weather under El Niño, exacerbating current output disruptions linked to spikes in energy, fertilizer, freight and insurance costs amid the Hormuz Strait closure.
This chart displays Wheat (US¢/bu) from 2024 to 2026.
Agricultural Historical Price Data
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Palm Oil | - | 1,037 | 1,082 | 1,353 | 1,475 | 1,303 | 1,334 | 1,310 | 1,361 | - | - | - |
| Rice | - | 620 | 589 | 520 | 455 | 420 | 383 | 380 | 402 | - | - | - |
| Cotton ICE | - | 77.82 | 69.41 | 70.47 | 66.62 | 66.00 | 65.77 | 63.95 | 64.56 | - | - | - |
| Sugar ISA | - | 19.55 | 19.36 | 20.19 | 18.65 | 17.53 | 16.51 | 14.75 | 14.51 | - | - | - |
| Coffee Arabica | - | 219 | 246 | 289 | 376 | 366 | 335 | 369 | 325 | - | - | - |
| Wheat CBOT | - | 611 | 551 | 562 | 558 | 537 | 525 | 523 | 555 | - | - | - |
| Cocoa ICCO | - | 8,657 | 6,803 | 8,285 | 9,558 | 8,521 | 7,324 | 5,800 | 3,960 | - | - | - |
| Soybeans CBOT | - | 1,188 | 1,036 | 995 | 1,028 | 1,045 | 1,015 | 1,078 | 1,120 | - | - | - |
| Corn CBOT | - | 445 | 395 | 428 | 474 | 453 | 403 | 433 | 440 | - | - | - |