Commodity Prices (2024)

FAQs

What are commodity prices today? ›

Commodities represent a wide range of assets, including everything from energy and agricultural products to precious and industrial metals. Prices of different commodities can vary, though all tend to be affected by factors such as production levels (supply) and consumer and business demand.

The World Bank commodity price index is expected to fall 4 percent in 2024, following a projected decline of nearly 24 percent in 2023, the sharpest drop since the pandemic. Energy prices are expected to decline by almost 5 percent in 2024 and remain relatively stable in 2025.

The average price per contract in the Commodities market amounts to US$0.24 in 2024. From a global comparison perspective it is shown that the highest nominal value is reached in the United States (US$53,690.00bn in 2024).

What About Crude Oil? Crude oil is by far the biggest commodity market, and oil prices were the talk of the town for much of 2022.

A commodity is any useful or valuable thing, especially something that is bought and sold. Grain, coffee, and precious metals are all commodities. The word commodity is usually used in an economic context, as in importing commodities from other countries or trading in the stocks and commodities markets.

In the United States, the principal regulator of commodity and futures markets is the Commodity Futures Trading Commission (CFTC).

In fact, they're commodities. There is no difference in those vehicles sitting over there (all different makes and models) than there is in corn or wheat futures that are traded on the commodities exchange every day.

Few assets benefit from rising inflation, particularly unexpected inflation, but commodities usually do. As the demand for goods and services increases, the price of goods and services rises as does the price of the commodities used to produce those goods and services.

Will commodities rise in 2024? ›

Since mid-2023, however, the World Bank's index of commodity prices has remained essentially unchanged. Assuming no further flare-up in geopolitical tensions, the Bank's forecasts call for a decline of 3% in global commodity prices in 2024 and 4% in 2025.

The dollar's value tends to impact commodity prices because the US dollar is the most common pricing and settlement currency for commodities. When the dollar appreciates against other currencies, commodities become more expensive on the world stage, which can depress overall demand. As consumption falls, so do prices.

Corn futures also declined, the most-active contract to its lowest level on a continuous chart since November 2020 under pressure from forecasts for cool, rainy weather in the US Midwest, which boosted yield expectations and depressed prices.

As we came out of COVID/Russia-Ukraine-induced highs, prices have fallen rapidly. The season average price for corn in 2022/23 was $6.54/bu and is projected to decrease to $4.80 in 2023/24 and $4.40 in 2024/25.

The fall in the price of a commodity is equivalent to an increase in the income of the consumer because now he has to spend less for purchasing the same quantity as before.

Current Status.

Soybean prices increased to $12.10 per bushel in April 2024 compared to $11.70 in March. Through April 2024, the 12-month average price of soybeans decreased to $13.13 compared to March 2024, down $1.81 (-12.3%) from the 2023 peak.

US Wheat Price Received is at a current level of 5.86, down from 6.19 last month and down from 7.67 one year ago. This is a change of -5.33% from last month and -23.60% from one year ago.