Commodity Origins

Wheat vs Crude oil

Wheat's biggest producer is China (18%, 2024); Crude oil's is United States (21%, 2025). Wheat is currently $330/t, Crude oil $90.9/bbl. Their monthly price moves have only weakly tracked each other over the 799 months compared (r = 0.09).

Wheat compared with Crude oil
WheatCrude oil
CategoryGrains & cerealsEnergy
Top producerChina (18%, 2024)United States (21%, 2025)
World production798.5 million tonnes100,590 thousand barrels daily
Top exporterRussia (16%, 2024)Saudi Arabia (14%, 2024)
Latest price$330/t (August 2026)$90.9/bbl (August 2026)
12-month change+43%+33%

Price since January 1960, rebased to 100

Each price divided by its own January 1960 value and multiplied by 100, so the two can share one chart regardless of unit. Starts at January 1960 because that is the later of the two series' first published month.

Wheat vs Crude oil monthly prices, index, Jan 1960 to Aug 2026Line chart of wheat vs crude oil monthly prices in index from Jan 1960 to Aug 2026: Wheat from 100 to 550.9, peaking at 872; Crude oil from 100 to 5,681, peaking at 8,369.02,0004,0006,0008,00019601965197019751980198519901995200020052010201520202025index
WheatCrude oil

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Production: FAOSTAT, USGS Mineral Commodity Summaries or the Energy Institute Statistical Review, whichever each commodity page cites. Trade: CEPII BACI, primary HS line. Prices: World Bank Pink Sheet, monthly averages, not investment advice. Wheat and Crude oil are in different categories (Grains & cereals, Energy), included here as a cross-category contrast rather than close substitutes.