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Agricultural prices increased 0.2% month on month in February, following January’s 1.8% fall.

In February, agricultural prices largely stagnated at January’s average, remaining below 2025’s level. Four commodities tracked by our panel of analysts traded lower month on month in January, three traded higher and two saw little change in their price level. Looking at individual commodities, prices for cocoa, coffee, cotton and sugar eased from the prior month, predominantly due to abundant supply. In contrast, soybeans and wheat traded higher than in January on expectations of higher demand ahead, while palm oil saw a price uptick on supply concerns. Meanwhile, prices for corn and rice were largely stable in terms of their prior-month average.