Commodity Prices¶
Why commodities matter
Iran is a major producer of petrochemicals and natural gas. Conflict-driven energy disruption cascades through fertilizer production into agricultural commodity prices globally.
Current Futures Prices¶
| Commodity | Price | Updated |
|---|---|---|
| Corn | 4.6050 cents/bushel | 2026-03-23 |
| Wheat | 5.8925 cents/bushel | 2026-03-23 |
| Soybeans | 11.6450 cents/bushel | 2026-03-23 |
| Natural Gas | 2.9020 USD/MMBtu | 2026-03-23 |
| Rice | 10.9300 USD/cwt | 2026-03-23 |
| Sugar | 0.1552 cents/lb | 2026-03-23 |
| Coffee | 3.0690 cents/lb | 2026-03-23 |
Grains — 30-Day Trend¶
Natural Gas — 30-Day Trend¶
Gold Price — 30-Day Trend¶
Gold-Oil Ratio¶
Gold-Oil Ratio
Current ratio: 29.21x (Gold $3230.6040/oz ÷ Brent $110.6100/bbl)
Ratio is above historical norm (15–25) — gold elevated vs oil, typical in conflict/risk-off periods. Historically 15–25x; rises during geopolitical stress as investors flee to gold while oil supply fears dominate. During supply-shock-driven oil spikes the ratio compresses; during financial crises it expands.
Oil-Food Price Correlation¶
Oil-Food Correlation
Current Brent: $110.6100/bbl | Wheat: $5.8925/bu Energy costs represent 30-40% of wheat production costs. Rising oil typically translates to higher wheat prices with a 2-4 week lag.
Last updated: 2026-03-23 | Sources: API Ninjas, Trading Economics