Global agricultural commodity markets saw strong volatility on Tuesday as tea prices exploded higher while wheat, rice, and rubber continued posting strong yearly gains. At the same time, coffee, cocoa, and orange juice prices remained under pressure due to weaker demand and improving supply conditions in some regions.
Tea prices recorded the biggest daily jump across the agricultural market. Tea traded at INR 199.66 per kilogram after soaring 16.39% in a single session. Monthly gains also stood at 22.78% while yearly performance stayed slightly positive.
Wheat prices traded at 653.80 US cents per bushel. The grain fell 3.21% during the day but remained one of the strongest performers in the sector with a 28.55% gain this year and a 22.34% rise compared to last year.
Soybeans also stayed elevated at 1185.90 US cents per bushel despite a 3.51% daily decline. Prices are still up 14.71% year to date.
Rice and wheat prices continue strong rally
Rice prices remained among the top gainers in global agriculture markets. Rice traded at $12.70 per cwt with a small 0.18% daily gain. The commodity has surged 32.43% this year as supply concerns and export restrictions in major producing countries continued affecting global markets.
Corn prices traded at 467.20 US cents per bushel after slipping 2.82% during the session. Corn is still up 5.77% this year while Oat prices gained nearly 19% year to date.
Canola prices traded at CAD 733.63 per tonne and are now up 24.71% this year. Rapeseed also stayed firm with yearly gains nearing 14%.
Barley prices remained weaker compared to other grains. The commodity traded at INR 2211 per tonne and is down 3.56% this year.
Rubber jumps 32.04% YoY while cotton gains nearly 30%
Rubber prices continued their strong rally in the commodities market. Rubber traded at 231.60 US cents per kilogram after climbing 4.42% during the session. Prices have now jumped 28.74% this year and 32.04% compared to last year.
Cotton prices traded at 83.16 US cents per pound despite a 4.20% daily decline. The commodity remains up nearly 30% this year and over 27% year over year.
Palm Oil prices traded at MYR 4393 per tonne. The edible oil market stayed volatile with prices down 1.01% during the session but still up 8.47% this year.
Sunflower Oil prices remained relatively stable at INR 1532.50 per 10 kilograms with yearly gains above 16%.
Coffee, cocoa and orange juice prices stay under pressure
Coffee prices continued struggling as the commodity traded at 275.57 US cents per pound. Prices fell 1.85% during the day and are now down 21.01% this year and 28.04% compared to last year.
Cocoa prices also remained weak. Cocoa traded at $4161.69 per tonne after dropping 5.27% during the session. The commodity has plunged 30.85% this year and more than 60% year over year.
Orange Juice prices traded at 181.60 US cents per pound after falling 5.07% during the day. Prices are now down 11.63% this year and nearly 32% from last year.
Potato prices remained one of the most surprising movers in the agricultural market. Potatoes traded at EUR 18.50 per 100 kilograms and recorded a massive 704.35% monthly surge along with a 184.62% jump this year.
Milk and Cheese prices showed moderate strength with yearly gains above 12% and 16% respectively, even though yearly comparisons remained slightly negative.