Commodity prices in May 2026: the biggest changes
In May 2026, 28 of 43 benchmark prices rose and 13 fell, with 2 unchanged; the median change was +2.2%. Cocoa rose most, +22.4%: largest one-month rise since December 2024. Crude oil fell most, −10.7%. 4 prices set a record in cash terms: tin, fishmeal, copper, aluminum.
Biggest gains
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Cocoa | $4.16/kg | +22.4% | −54% | Largest one-month rise since December 2024 |
| Canola | $1,488/t | +10.6% | +20% | Largest one-month rise since July 2023, the 4th rise in a row |
| Tin | $53,563/t | +9.7% | +67% | Largest one-month rise since January 2026 |
| Rice | $440/t | +9.2% | +2% | Largest one-month rise since December 2025 |
| Wheat | $303/t | +7.4% | +28% | Largest one-month rise since September 2024, the 5th rise in a row |
| Natural rubber | $2.21/kg | +7.3% | +30% | Largest one-month rise since September 2024, the 6th rise in a row |
| Cotton | $2.03/kg | +6.8% | +18% | Largest one-month rise since April 2026, the 3rd rise in a row |
| Chicken | $1.86/kg | +6.3% | +4% | Largest one-month rise since April 2025 |
Biggest falls
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Crude oil | $107.5/bbl | −10.7% | +67% | Largest one-month fall since December 2022 |
| Urea | $770.5/t | −10.1% | +97% | Largest one-month fall since October 2025 |
| Palm kernel oil | $2,416/t | −7.3% | +21% | Largest one-month fall since December 2025 |
| Coconut oil | $2,172/t | −6.9% | −22% | Largest one-month fall since October 2022 |
| Coffee | $6.95/kg | −4.8% | −21% | Largest one-month fall since February 2026 |
| Beef | $7.95/kg | −3.2% | +20% | Largest one-month fall since October 2024 |
| Oranges | $0.92/kg | −3.2% | −33% | Largest one-month fall since February 2026 |
| Gold | $4,587/troy oz | −2.8% | +39% | Largest one-month fall since March 2026, the 3rd fall in a row |
New records
These prices reached their highest monthly average in the series in May 2026, in cash terms: tin ($53,563/t), fishmeal ($2,045/t), copper ($13,543/t), aluminum ($3,666/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, 7 rises (+0.9% in May 2026); natural rubber, 6 rises (+7.3% in May 2026); wheat, 5 rises (+7.4% in May 2026); sunflower oil, 5 rises (+1.2% in May 2026); canola, 4 rises (+10.6% in May 2026); phosphate fertilizers, 4 rises (+6.1% in May 2026); platinum, 4 falls (−1.5% in May 2026); corn, 4 rises (+1.0% in May 2026).
By category
| Category | Average change | Prices |
|---|---|---|
| Fibres & other raw materials | +7.1% | 2 |
| Grains & cereals | +5.9% | 3 |
| Softs | +5.8% | 5 |
| Metals | +2.8% | 10 |
| Livestock, meat & dairy | +1.8% | 3 |
| Timber & forest products | +0.3% | 3 |
| Energy | −0.1% | 3 |
| Oilseeds & vegetable oils | −0.1% | 7 |
| Fertilizers | −0.8% | 4 |
| Fruit & vegetables | −2.9% | 2 |
Biggest changes over twelve months
| Commodity | Price | 12 months | This month |
|---|---|---|---|
| Silver | $78/troy oz | +138% | +2.8% |
| Platinum | $1,998/troy oz | +104% | −1.5% |
| Urea | $770.5/t | +97% | −10.1% |
| Tin | $53,563/t | +67% | +9.7% |
| Crude oil | $107.5/bbl | +67% | −10.7% |
| Cocoa | $4.16/kg | −54% | +22.4% |
| Aluminum | $3,666/t | +50% | +1.8% |
| Copper | $13,543/t | +42% | +4.6% |
See also every benchmark price, the pattern reports, and the price movers feed. Data: monthly.json.