Agricultural Prices

Agricultural prices flatlined month on month in December, following November’s 1.8% rise.

In December, agricultural prices were stable at November’s level, remaining the joint-highest since June. Higher prices for corn, cocoa, cotton, sugar and rice offset lower prices for soybeans, wheat, coffee and palm oil. Still, over 2025 as a whole, the agricultural complex tracked by our panel of analysts traded at its lowest price level since 2020, capped by declining prices for soybeans, wheat, cotton, sugar and rice. Most notably, wheat prices eased further below their 2022 peak—fueled by Russia’s invasion of Ukraine, which rattled grain markets—and rice supply recovered after a prolonged shortage sparked by India’s export ban introduced in 2022.