Commodity prices in March 2026: the biggest changes
In March 2026, 23 of 43 benchmark prices rose and 18 fell, with 2 unchanged; the median change was +1.0%. Urea rose most, +53.7%: largest one-month rise since October 2021, the 3rd rise in a row. Natural gas fell most, −15.2%. 2 prices set a record in cash terms: palm kernel oil, beef.
Biggest gains
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Urea | $725.6/t | +53.7% | +84% | Largest one-month rise since October 2021, the 3rd rise in a row |
| Crude oil | $103.7/bbl | +45.9% | +43% | Largest one-month rise since August 1990, the 3rd rise in a row |
| Coal | $138.6/t | +17.1% | +33% | Largest one-month rise since May 2022, the 3rd rise in a row |
| Palm kernel oil | $2,574/t | +12.2% | +25% | Largest one-month rise since July 2025, the 3rd rise in a row |
| Aluminum | $3,373/t | +10.0% | +27% | Largest one-month rise since April 2024 |
| Wheat | $276/t | +7.1% | +8% | Largest one-month rise since September 2024, the 3rd rise in a row |
| Palm oil | $1,109/t | +6.7% | +4% | Largest one-month rise since November 2024, the 3rd rise in a row |
| Sugar | $0.33/kg | +6.5% | −21% | Largest one-month rise since September 2024 |
Biggest falls
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Natural gas | $3.06/MMBtu | −15.2% | −26% | Largest one-month fall since February 2026 |
| Cocoa | $3.24/kg | −9.7% | −60% | Largest one-month fall since February 2026, the 3rd fall in a row |
| Chicken | $1.66/kg | −7.3% | +2% | Largest one-month fall since June 2024 |
| Rice | $381/t | −6.8% | −10% | Largest one-month fall since February 2025 |
| Silver | $77.9/troy oz | −4.9% | +135% | Largest one-month fall since February 2026 |
| Zinc | $3,182/t | −4.3% | +10% | Largest one-month fall since April 2025 |
| Platinum | $2,046/troy oz | −4.3% | +109% | Largest one-month fall since February 2026 |
| Gold | $4,856/troy oz | −3.3% | +63% | Largest one-month fall since September 2022 |
New records
These prices reached their highest monthly average in the series in March 2026, in cash terms: palm kernel oil ($2,574/t), beef ($8.21/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: potash, 5 rises (+2.2% in March 2026); tea, 5 falls (−0.4% in March 2026); natural rubber, 4 rises (+1.0% in March 2026).
By category
| Category | Average change | Prices |
|---|---|---|
| Energy | +15.9% | 3 |
| Fertilizers | +15.2% | 4 |
| Oilseeds & vegetable oils | +4.4% | 7 |
| Fibres & other raw materials | +2.7% | 2 |
| Fruit & vegetables | +1.6% | 2 |
| Grains & cereals | +0.6% | 3 |
| Softs | 0.0% | 5 |
| Metals | −1.0% | 10 |
| Livestock, meat & dairy | −1.9% | 3 |
| Timber & forest products | −2.1% | 3 |
Biggest changes over twelve months
| Commodity | Price | 12 months | This month |
|---|---|---|---|
| Silver | $77.9/troy oz | +135% | −4.9% |
| Platinum | $2,046/troy oz | +109% | −4.3% |
| Urea | $725.6/t | +84% | +53.7% |
| Gold | $4,856/troy oz | +63% | −3.3% |
| Cocoa | $3.24/kg | −60% | −9.7% |
| Crude oil | $103.7/bbl | +43% | +45.9% |
| Tin | $47,324/t | +39% | −2.8% |
| Coal | $138.6/t | +33% | +17.1% |
See also every benchmark price, the pattern reports, and the price movers feed. Data: monthly.json.