Global Commodity and Agriculture Weekly Review

As of: September 26, 2026 (Sat), 09:00 Korea time. Most prices are based on closing prices from September 24–25, 2026; each item includes its source and reference date. This report is for informational purposes and is not a recommendation to trade.

■ 1. Key Takeaways This Week

Two forces drove markets this week. One was the aftershock of the U.S. Federal Reserve’s rate hike. At its September 16–17 meeting, the Fed raised its benchmark rate by 0.25 percentage points to 3.75–4.00% (its first hike in three years). Markets put the probability of another hike in October at about 66%. The other force was oil. Prices fell for three consecutive days on signs that the United States and Iran were negotiating a phased reopening of the Strait of Hormuz.

The rate hike weighed on precious metals. Gold, silver, platinum, and palladium are all lower than a month ago. However, Treasury yields and oil prices both fell from the day after the hike, helping gold recover some of its losses. Copper stood out among industrial metals. Disruptions to mine supply coincided with demand from AI data centers, pushing copper to a record $6.83 per pound on September 22. Agricultural commodities moved in different directions. Corn and soybeans rose after the U.S. Department of Agriculture lowered its yield estimates, while coffee pulled back sharply from a record high.

■ 2. Overall Commodity Price Changes

Format: Current price (reference date) / change over 1 month / change over 1 year / trend. One-week and three-month figures are included in the text only where confirmed; unavailable fields are marked “unavailable.”

Gold: Spot about $4,299/ounce (9/25, Kitco·Yahoo). Down over 1 month; sharply higher over 1 year (exact current 1-year figure unavailable; about +95% as of January). Trend: neutral to bullish.

Silver: $64.35/ounce (9/25, TradingEconomics). 1 month -5.50%, 1 year +39.68%. Trend: neutral.

Platinum: $1,757.60/ounce (9/24, TradingEconomics). 1 month -5.58%, 1 year +14.82%. Trend: neutral.

Palladium: $1,273.50/ounce (9/24, TradingEconomics). 1 month -4.50%, 1 year +0.71%. Trend: bearish.

Copper: $6.69/pound (9/25, TradingEconomics). 1-month change unavailable (record high of $6.83 on 9/22); 1 year +41.93%. Trend: bullish.

Aluminum: $3,256/ton (9/24, TradingEconomics). 1-month and 1-year changes unavailable; daily +0.14%. Trend: neutral.

Nickel: $16,385/ton (9/25, TradingEconomics). 1 month -3.16%, 1 year +8.12%. Trend: bearish.

Zinc: $3,976.55/ton (9/24, Rio Times). Daily +1.96%. 1-month and 1-year changes unavailable. Trend: neutral to bullish.

Iron ore: $97.06/ton (9/25, TradingEconomics). 1 month +1.55%, 1 year -7.95%. Trend: neutral.

WTI crude oil: $92.55/barrel (9/25, TradingEconomics). Daily -2.18%. Well above its level a year ago (exact 1-year figure unavailable). Trend: downward pressure.

Brent crude oil: $104.37/barrel (9/25, TradingEconomics). Daily -2.09%. Trend: downward pressure.

Natural gas (Henry Hub): $3.16/MMBtu (9/25). 1-month and 1-year changes unavailable. Trend: neutral.

Gasoline (RBOB): $3.224/gallon (9/25, Barchart). Trend: neutral.

Heating oil: $4.71/gallon (9/25, TradingEconomics). Daily -0.48%. Trend: neutral.

Coal (Newcastle): about $144/ton (9/25 settlement, Barchart·Investing). Near a three-month high in mid-September. Trend: neutral to bullish.

Wheat: around $6.55/bushel (fourth week of September, Barchart). CBOT December contract around $7.08. 1-year figure unavailable. Trend: neutral.

Corn: Significant discrepancies across sources. Rio Times lists $5.29/bushel on September 23, while TradingEconomics lists about $4.81. Both values are shown. Trend: neutral to bullish.

Soybeans: about $13.05/bushel (9/25, TradingEconomics). 1 year +28.74%. Trend: bullish.

Rice (rough rice): about $10.85/cwt (September, Barchart). Daily -0.73%. Trend: neutral.

Coffee (Arabica): $2.71–3.17/pound depending on the source (late September). 1 year -16.48%. Inventories are at a 27-year low. Trend: bearish.

Sugar: about $0.164/pound (September). Fell after reaching a 16-month high on September 10. Trend: bearish.

Cocoa: about $5,390–5,719/ton (late September). Trend: neutral to bearish.

Cotton: about $0.83–0.85/pound (late September). Trend: neutral.

Orange juice: about 145.90 (September, Barchart). Technical sell signal. Trend: downward.

Dollar Index (DXY): about 99.18 (previous day’s close, Yahoo). Daily range 98.92–99.39.

U.S. 10-year Treasury yield: 5.17% (9/25, TradingEconomics). Rose as high as 5.20% at one point during the week, then retreated.

Baltic Dry Index (BDI): about 3,399–3,628 (early to mid-September, Baltic Exchange). Most recently about 3,399. Capesize market is strong.

Major ETFs (GLD·SLV·USO·UNG·DBC·DBA): Individual closing prices unavailable. They track underlying commodity trends.

■ 3. Precious Metals Analysis

Gold rose to a weekly high of about $4,377 on September 18, then retreated to about $4,299 on September 25. The Fed’s rate hike initially pressured gold. Immediately after the announcement, it fell from $4,340/ounce to $4,260. It later recovered as Treasury yields and oil prices fell and the dollar weakened. Silver is at $64.35, 39.68% higher than a year ago. Expectations of higher rates widened silver’s one-month loss (-5.50%). Platinum is 14.82% higher than a year ago but fell 5.58% over the month. Palladium is at $1,273.50, with a 1-year change of just +0.71%. Slowing demand for automotive exhaust catalysts is weighing on palladium.

■ 4. Industrial Metals Analysis

Copper is the market’s standout. It hit a record $6.83 per pound on September 22, then edged down to $6.69 on September 25. Its 1-year gain is 41.93%. Mine accidents and production disruptions in Chile and Peru tightened supply. Demand also rose with grid expansion and AI data-center construction. Zinc gained 1.96% in a day to $3,976.55 on September 24. Nickel fell 3.16% over the month to $16,385. Ample supply from Indonesia is keeping nickel weak. Iron ore is at $97.06, 7.95% below its level a year ago. Concerns about Chinese steel production cuts are weighing on iron ore prices.

■ 5. Energy Analysis

Oil ended the week lower. WTI is at $92.55 and Brent at $104.37. Signs of negotiations between the United States and Iran on a phased reopening of the Strait of Hormuz eased supply concerns. Oil prices surged in 2026 after military clashes in the Middle East in late February and the effective closure of the Strait of Hormuz. Brent exceeded $116 in March. Prices have since retreated from that peak. Natural gas is at $3.16 on a Henry Hub basis. According to EIA data, underground storage stood at 3,254Bcf for the week of September 4. Ample storage is keeping gas in neutral territory. Newcastle coal is about $144. Safety inspections reduced production after a mining accident in China in May, limiting downside pressure.

■ 6. Agriculture Analysis

The USDA’s September 11 supply and demand outlook (WASDE) set the direction for grains. The corn yield estimate fell from 180.7 bushels in August to 178.5 bushels. Late-summer heat and drought were the reasons. Production fell to 15.8 billion bushels. The lower estimate supported corn prices. The soybean yield estimate rose from 52.7 to 52.8 bushels, and production edged up to 4.5 billion bushels. Soybeans are currently about $13.05, 28.74% higher than a year ago. Agricultural trade negotiations between the United States and China are key to soybean demand. The wheat outlook was unchanged. Brazil began planting, tempering gains across grains.

Soft commodities are weak. Coffee has fallen sharply from its record high in 2025 and is 16.48% lower than a year ago. However, Arabica inventories are at their lowest in 27 years, limiting downside. Sugar fell after reaching a 16-month high on September 10. Cocoa also retreated from its highs.

The effects on food prices are mixed. Stronger soybean and corn prices could push up meat and egg prices through feed costs. By contrast, lower coffee, sugar, and cocoa prices ease cost pressures for processed foods and cafés. Stable wheat prices are favorable for bread and noodle prices.

■ 7. TOP 10 Commodities with the Biggest 1-Year Changes

1) Gold: Sharply higher than a year ago (about +95% as of January; exact current figure unavailable). Safe-haven demand and central-bank purchases.

2) Copper: +41.93%. Supply disruptions and demand from power and data centers.

3) Silver: +39.68%. Moves with gold and has industrial demand.

4) Soybeans: +28.74%. U.S. yield estimates and trade negotiation expectations.

5) Platinum: +14.82%. Supply shortages and gains alongside precious metals.

(Crude oil is also well above its level a year ago, but is excluded from the ranking because the exact 1-year figure is unavailable.)

1) Coffee (Arabica): -16.48%. Correction after a record high.

2) Iron ore: -7.95%. Concerns about Chinese steel production cuts.

(Sugar, cocoa, and palladium are also weak, but exact 1-year figures are unavailable.)

3) Palladium: +0.71%, effectively unchanged. Slowing catalyst demand.

4) Sugar: 1-year figure unavailable (down after a September high).

5) Cocoa: 1-year figure unavailable (down from its high).

Only two commodities have confirmed declines by figure: coffee and iron ore. For the others, only the direction is given, and the exact 1-year change is marked unavailable.

■ 8. Price Outlook for Next Week

Precious metals: Neutral. Whether the Fed raises rates again in October will guide gold and silver. Higher rates would weigh on prices, while falling Treasury yields and oil prices would support a recovery. Volatility may increase.

Industrial metals: Copper has the stronger bias; others are neutral. Ongoing supply disruptions leave copper with limited downside. However, profit-taking could emerge near its record high.

Energy: Downward pressure prevails, with high volatility. Progress in Hormuz negotiations could push oil lower; a breakdown in talks could prompt a rebound. Direction depends on negotiation news.

Agriculture: Grains neutral to bullish; soft commodities neutral to bearish. Lower yield estimates and trade negotiations provide support for corn and soybeans. Coffee and sugar may fluctuate with inventories and growing-region weather.

■ 9. Events to Watch Next Week

• U.S. inflation data (PCE·CPI related) releases: evidence for the Fed’s October rate decision.

• U.S. EIA weekly crude oil inventories: typically released Wednesday.

• U.S. EIA weekly natural gas storage: typically released Thursday.

• China manufacturing PMI: released around month-end to early October; a signal of industrial-metals demand.

• OPEC+ meeting and production increase discussions: scheduled for early October; direct impact on oil price direction.

• U.S. Department of Agriculture grain reports: updates on grain supply and demand.

• Fed officials’ remarks: clues on the rate path.

(Exact dates and times for each event should be checked against the issuing agencies’ schedules.)

■ 10. Overall Conclusion

Two forces, interest rates and geopolitics, pulled commodities in opposite directions this week. The Fed’s rate hike weighed on precious metals, while signs of Hormuz negotiations pushed oil lower. Copper, by contrast, stayed near its record high on supply disruptions and new demand for electricity. Grains rose while soft commodities fell, leaving agriculture divided. Next week, U.S. inflation data, the OPEC+ meeting, and China’s PMI will be key turning points. With interest rates and oil moving together, short-term volatility could increase.

TradingEconomics (gold·silver·platinum·palladium·copper·aluminum·nickel·iron ore·WTI·Brent·heating oil·10-year Treasury yield), Kitco·Yahoo Finance·CNBC (spot gold), Barchart·Investing.com (gasoline·coal·rice·orange juice·wheat), Rio Times (zinc·corn·daily grain prices), EIA (natural gas storage·oil outlook), USDA WASDE September 11, 2026, Baltic Exchange·DCN (BDI), Bloomberg·USAGOLD (Fed hike·gold reaction), ICO (coffee indicators).

gold silver platinum palladium price weekly change 2026-09-26; copper aluminum nickel zinc iron ore price 1 year change 2026-09-25; WTI Brent natural gas gasoline heating oil coal price 2026-09-25; wheat corn soybean rice coffee sugar cocoa cotton price 1 year change 2026; USDA WASDE September 2026; EIA crude oil inventory natural gas storage 2026; dollar index US 10 year treasury yield 2026-09-25; Baltic Dry Index September 2026.

Prices for some soft commodities and grains vary across sources, so ranges are given or values are marked unavailable. Exact transaction prices should be checked against exchange data.