Agricultural prices increased 1.1% month on month in November, following October’s 1.0% rise.
In November, four of the nine commodities tracked by our panel of analysts traded higher than in October. Among grains, corn prices surged, as the USDA’s latest projections for U.S. supply and exports for 2024/25 fell short of market expectations. Among softs, cocoa, coffee and palm oil saw the highest price increases in more than six months, as adverse weather in key producing regions sparked supply fears. Elsewhere in the agricultural complex, average prices cooled from October due to an improving supply outlook and a stronger U.S. dollar following Donald Trump’s election as president, outweighing upside pressure from mounting geopolitical uncertainty regarding the supply of several key commodities.
This chart displays Wheat (US¢/bu) from 2022 to 2024.
Agricultural Historical Price Data
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Cotton ICE | 83.07 | 82.01 | 85.70 | 81.18 | 89.48 | 77.82 | 69.41 | - |
| Sugar ISA | 19.87 | 24.71 | 24.61 | 24.52 | 22.10 | 19.55 | 19.36 | - |
| Wool AWEX EMI | 1,348 | 1,244 | 1,155 | 1,160 | 1,174 | 1,147 | 1,109 | - |
| Palm Oil | 993 | 955 | 961 | 927 | 999 | 1,037 | 1,082 | - |
| Rice | 492 | 507 | 588 | 609 | 638 | 620 | 589 | - |
| Corn CBOT | 658 | 617 | 489 | 479 | 438 | 445 | 395 | - |
| Soybeans CBOT | 1,506 | 1,427 | 1,392 | 1,316 | 1,198 | 1,188 | 1,036 | - |
| Wheat CBOT | 729 | 650 | 627 | 585 | 578 | 611 | 551 | - |
| Cocoa ICCO | 2,600 | 2,954 | 3,470 | 4,011 | 5,750 | 8,657 | 6,803 | - |
| Coffee Arabica | 184 | 186 | 156 | 170 | 184 | 219 | 246 | - |