Commodity prices in April 2026: the biggest changes
In April 2026, 28 of 43 benchmark prices rose and 12 fell, with 3 unchanged; the median change was +1.5%. Urea rose most, +18.1%: largest one-month rise since March 2026, the 4th rise in a row. Natural gas fell most, −9.5%. 3 prices set a record in cash terms: aluminum, fishmeal, palm kernel oil.
Biggest gains
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Urea | $856.9/t | +18.1% | +121% | Largest one-month rise since March 2026, the 4th rise in a row |
| Crude oil | $120.4/bbl | +16.1% | +78% | Largest one-month rise since March 2026, the 4th rise in a row |
| Cotton | $1.9/kg | +11.8% | +10% | Largest one-month rise since October 2021 |
| Phosphate fertilizers | $725.3/t | +10.2% | +14% | Largest one-month rise since August 2023, the 3rd rise in a row |
| Lamb | $7.11/kg | +8.7% | +21% | Largest one-month rise since November 2020 |
| Aluminum | $3,600/t | +6.7% | +52% | Largest one-month rise since March 2026 |
| Fishmeal | $1,946/t | +5.9% | +16% | Largest one-month rise since April 2022 |
| Rice | $403/t | +5.8% | −3% | Largest one-month rise since December 2025 |
Biggest falls
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Natural gas | $2.77/MMBtu | −9.5% | −19% | Largest one-month fall since March 2026, the 3rd fall in a row |
| Coal | $130.9/t | −5.6% | +33% | Largest one-month fall since February 2025 |
| Bananas | $1.15/kg | −5.0% | +5% | Largest one-month fall since June 2025 |
| Sugar | $0.32/kg | −3.0% | −20% | Largest one-month fall since February 2026 |
| Gold | $4,721/troy oz | −2.8% | +47% | Largest one-month fall since March 2026 |
| Silver | $75.9/troy oz | −2.6% | +136% | Largest one-month fall since March 2026, the 3rd fall in a row |
| Soybeans | $463/t | −2.1% | +13% | Largest one-month fall since January 2026 |
| Oranges | $0.95/kg | −2.1% | −33% | Largest one-month fall since February 2026 |
New records
These prices reached their highest monthly average in the series in April 2026, in cash terms: aluminum ($3,600/t), fishmeal ($1,946/t), palm kernel oil ($2,606/t). 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, 6 rises (+5.4% in April 2026); natural rubber, 5 rises (+5.6% in April 2026); urea, 4 rises (+18.1% in April 2026); crude oil, 4 rises (+16.1% in April 2026); palm oil, 4 rises (+3.3% in April 2026); wheat, 4 rises (+2.2% in April 2026); sunflower oil, 4 rises (+1.4% in April 2026); palm kernel oil, 4 rises (+1.2% in April 2026).
By category
| Category | Average change | Prices |
|---|---|---|
| Fibres & other raw materials | +8.7% | 2 |
| Fertilizers | +8.4% | 4 |
| Livestock, meat & dairy | +4.7% | 3 |
| Grains & cereals | +2.9% | 3 |
| Metals | +2.2% | 10 |
| Softs | +1.3% | 5 |
| Oilseeds & vegetable oils | +0.9% | 7 |
| Timber & forest products | +0.5% | 3 |
| Energy | +0.4% | 3 |
| Fruit & vegetables | −3.5% | 2 |
Biggest changes over twelve months
| Commodity | Price | 12 months | This month |
|---|---|---|---|
| Silver | $75.9/troy oz | +136% | −2.6% |
| Urea | $856.9/t | +121% | +18.1% |
| Platinum | $2,028/troy oz | +111% | −0.9% |
| Crude oil | $120.4/bbl | +78% | +16.1% |
| Cocoa | $3.4/kg | −58% | +4.9% |
| Aluminum | $3,600/t | +52% | +6.7% |
| Tin | $48,806/t | +50% | +3.1% |
| Gold | $4,721/troy oz | +47% | −2.8% |
See also every benchmark price, the pattern reports, and the price movers feed. Data: monthly.json.