Commodity prices in February 2026: the biggest changes
In February 2026, 25 of 43 benchmark prices rose and 17 fell, with 1 unchanged; the median change was +0.8%. Urea rose most, +13.6%: largest one-month rise since July 2025. Natural gas fell most, −52.4%. 2 prices set a record in cash terms: gold, beef.
Biggest gains
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Urea | $472/t | +13.6% | +8% | Largest one-month rise since July 2025 |
| Palm kernel oil | $2,295/t | +8.0% | +18% | Largest one-month rise since July 2025 |
| Soybeans | $459/t | +8.0% | +11% | Largest one-month rise since November 2025 |
| Coal | $118.4/t | +7.8% | +11% | Largest one-month rise since December 2023 |
| Crude oil | $71.1/bbl | +6.4% | −5% | Largest one-month rise since January 2026 |
| Gold | $5,020/troy oz | +5.6% | +73% | Largest one-month rise since January 2026, the 7th rise in a row |
| Natural rubber | $1.93/kg | +4.9% | −4% | Largest one-month rise since January 2026, the 3rd rise in a row |
| Canola | $1,275/t | +4.3% | +10% | Largest one-month rise since September 2025 |
Biggest falls
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Natural gas | $3.61/MMBtu | −52.4% | −14% | Largest one-month fall in the series, which starts in 1960 |
| Cocoa | $3.59/kg | −27.8% | −64% | Largest one-month fall in the series, which starts in 1960 |
| Oranges | $0.94/kg | −15.3% | −51% | Largest one-month fall since November 2025 |
| Platinum | $2,137/troy oz | −12.2% | +119% | Largest one-month fall since March 2020 |
| Coffee | $7.08/kg | −11.7% | −22% | Largest one-month fall since December 2016, the 3rd fall in a row |
| Silver | $81.9/troy oz | −11.1% | +154% | Largest one-month fall since July 2022 |
| Iron ore | $98.8/dmtu | −6.4% | −6% | Largest one-month fall since September 2024 |
| Lead | $1,917/t | −3.9% | −2% | Largest one-month fall since April 2025 |
New records
These prices reached their highest monthly average in the series in February 2026, in cash terms: gold ($5,020/troy oz), beef ($8.12/kg). A cash record is not the same as a record after inflation; the real-prices report shows every price against its inflation-adjusted peak.
Long runs
Prices that have now moved in the same direction for four or more months in a row: gold, 7 rises (+5.6% in February 2026); potash, 4 rises (+1.8% in February 2026); tea, 4 falls (−1.1% in February 2026).
By category
| Category | Average change | Prices |
|---|---|---|
| Oilseeds & vegetable oils | +4.2% | 7 |
| Fertilizers | +4.1% | 4 |
| Fibres & other raw materials | +2.1% | 2 |
| Grains & cereals | +1.9% | 3 |
| Livestock, meat & dairy | +1.1% | 3 |
| Timber & forest products | +0.8% | 3 |
| Metals | −3.2% | 10 |
| Fruit & vegetables | −7.2% | 2 |
| Softs | −9.2% | 5 |
| Energy | −12.7% | 3 |
Biggest changes over twelve months
| Commodity | Price | 12 months | This month |
|---|---|---|---|
| Silver | $81.9/troy oz | +154% | −11.1% |
| Platinum | $2,137/troy oz | +119% | −12.2% |
| Gold | $5,020/troy oz | +73% | +5.6% |
| Cocoa | $3.59/kg | −64% | −27.8% |
| Tin | $48,694/t | +53% | −1.7% |
| Oranges | $0.94/kg | −51% | −15.3% |
| Copper | $12,951/t | +39% | −0.5% |
| Sugar | $0.31/kg | −26% | −3.1% |
See also every benchmark price, the pattern reports, and the price movers feed. Data: monthly.json.