[EN] Following a steady six months downtrend, prices for important agricultural commodities like wheat, corn and soybeans finally recovered. This is in particular because yields failed to live up to high expectations yet.
Due to Russia’s food embargo prices for dairy keep on declining. On the other side the tightness in US cattle supply has not resolved. Therefore prices for live and feeder cattle have continued to rise. This article shows you the latest price developments and relevant key figures for agricultural commodities.
With a view to the past 12 months, we have observed strong price decreases as well as increases for agricultural raw materials. Considering the largest declines, the price for wheat (hard and soft red winter, US f.o.b.) has fallen by -21.0%/-19.5%, for soybeans (c.i.f. Rotterdam) by -17.6% and for cotton (A-Index) by -16.6%. The strongest price rises were noticed for cattle (U.S. c.i.f. and CME) +48.0%/+45.8%, coffee (LIFFE) +42.3% and sugar (c.i.f. US) which has increased by +26.1% in one year.
During the last month, we have observed the highest price drops in the markets for pork (CME lean hogs futures) -20.0%, for cocoa (ICE Futures London) -10.8% and for rice (CBOT) -5.5%. At the same time prices have risen most for corn (CBOT) +16.6%, soybeans (CBOT) +14.1% and for wheat (Euronext Paris) + 12.0%. The highest price movements are still registered in the pork (CME) market with a remarkably annualized volatility of 94.9%.
In order to provide market visibility for European companies affected by raw material costs, the following analysis takes into consideration the price evolution in EUR unless specified. Please click on the raw materials below to receive more detailed information.
1. WHEAT (EURONEXT PARIS) Read more
These wheat futures are traded in EUR per ton at Euronext in Paris (operated from NYSE Euronext). It is the most important quotation of wheat in the European market.
With a month closing price of 172.25 EUR/mt (215.73 USD/mt), wheat (Euronext Paris) has increased quite noticeably with a return of +12.0% in the last month but has declined by -16.9% during the last 12 months. The annualized volatility has increased in October and is currently at 20.2%.
2. CORN (EURONEXT PARIS) Read more
These corn futures are traded in EUR per ton at Euronext in Paris (operated from NYSE Euronext). It is the most important quotation of corn in the European market.
With a month closing price of 143.75 EUR/mt (180.03 USD/mt), the corn price (Euronext Paris) has gone up by +4.1% this month but has dropped by -13.5% during the last 12 months. The annualized volatility has decreased slightly and is currently at 19.9%.
3. COTTON Read more
3.1 COTTON A-INDEX
The cotton A-Index is the leading barometer of international cotton price movements. It is an average of the five cheapest quotations from a selection of the main upland cottons traded internationally. The A-Index is published by Cotlook Limited, a private UK cotton consultancy, in the “Cotton Outlook” since 1966.
With a month closing price of 1.22 EUR/kg (1.55 USD/kg), the Cotton A-Index has decreased slightly with a return of -2.5% this month and considerably by -16.6% during the last 12 months. The current annualized volatility is still at 15.2%.
3.2 COTTON ICE FUTURES US
These cotton futures are traded in US-cents per pound at the ICE Futures US (former NYBOT) in New York.
With a month closing price of 1.13 EUR/kg (1.42 USD/kg), these cotton futures have increased a little with a return of +4.4% this month but have fallen by -9.4% during the last 12 months. The current annualized volatility is now at 25.1%.
4. SOYBEANS (CBOT) Read more
These soybeans futures are traded in US-cents per bushel at the Chicago Board of Trade (CBOT).
With a month closing price of 307.02 EUR/mt (384.52 USD/mt), soybeans (CBOT) have increased considerably with a return of +14.1 % this month but have declined by -11.6% during the last 12 months. The annualized volatility has increased even further and is currently at the very high level of 43.1%.
5. COCOA (ICE FUTURES) Read more
These cocoa futures are traded in GBP per ton at Intercontinental Exchange Futures (ICE Futures) in London. It is the most important cocoa quotation in the European market.
With a month closing price of 2,438.00 EUR/mt (3,053.35 USD/mt), cocoa (ICE Futures) has decreased with a return of -10.8% this month but has increased strongly by +20.0% during the last 12 months. In October the annualized volatility has increased as well and is currently at 22.1%.
6. SUGAR (LIFFE) Read more
These sugar futures are traded in USD per ton at the London International Financial Futures and Options Exchange (LIFFE) in London (operated from NYSE Euronext). It is the most important sugar quotation in the European market.
With a month closing price of 337.99 EUR/mt (423.30 USD/mt), sugar (LIFFE) has increased slightly by +0.9% this month but has declined by -4.5% during the last 12 months. The annualized volatility has increased in the last month and is now at 20.1%.
7. Pork (CME lean hogs futures) Read more
These lean hogs futures are traded in US-cents per pound at the Chicago Mercantile Exchange.
With a month closing price of 1.55 EUR/kg (1.94 USD/kg), lean hogs futures (CME) have dropped noticeably with a return of -20.0% this month but have increased by +7.3% during the last 12 months. The price of lean hogs futures shows a salient level of annualized volatility, which is now at 94.9%.