How much of a commodity price move is the dollar?
Derived report snapshot · 2026-10-04 · Original report
Over the ten years to August 2026, the median benchmark price rose 59% in US dollars, 54% in euros and 149% in yen. The gap is the exchange rate: over the same ten years one dollar bought 3.3% fewer euros and 57% more yen.
Benchmark prices on this site are quoted in US dollars. A buyer paying in another currency sees a price multiplied by that currency's exchange rate, so a price that rose 3% in dollars can be flat or falling for them. Each price below is the dollar price times the number of currency units per dollar in the same month (monthly averages of daily rates, Federal Reserve data via FRED), compared between the start of the window and August 2026. One consequence is built into the arithmetic: within one window every commodity's local-currency change differs from its dollar change by the same factor, the exchange-rate move, so the useful questions are how big that factor is and which prices sit close enough to zero for it to flip their sign. Euro data starts in January 1999, so the longest window begins in January 2000.
Since 2000 (January 2000 to August 2026)
| US dollars | Euro | Pound | Yen | |
|---|---|---|---|---|
| Units per US dollar, change | — | −13% | +21% | +51% |
| Smallest dollar-price change that is still flat or better in this currency | — | +14% | −17% | −34% |
| Median price change (40 prices) | +219% | +179% | +286% | +381% |
- 1 price moved the opposite way in euros than in dollars: natural gas.
- No price moved the opposite way in pounds than in dollars.
- 1 price moved the opposite way in yen than in dollars: plywood.
All 40 prices, since 2000
| Price | USD | EUR | GBP | JPY |
|---|---|---|---|---|
| Aluminum | +94% | +69% | +134% | +192% |
| Bananas | +129% | +100% | +177% | +246% |
| Beef | +273% | +226% | +352% | +463% |
| Chicken | +32% | +15% | +60% | +99% |
| Coal | +439% | +371% | +552% | +713% |
| Cocoa | +547% | +465% | +683% | +876% |
| Coconut oil | +183% | +148% | +243% | +327% |
| Coffee | +225% | +184% | +294% | +391% |
| Copper | +677% | +579% | +841% | +1072% |
| Corn | +140% | +110% | +191% | +262% |
| Cotton | +101% | +76% | +143% | +203% |
| Crude oil | +258% | +213% | +333% | +440% |
| Fishmeal | +463% | +392% | +582% | +749% |
| Gold | +1453% | +1257% | +1781% | +2243% |
| Iron ore | +234% | +192% | +305% | +404% |
| Lamb | +172% | +138% | +230% | +311% |
| Lead | +293% | +243% | +376% | +493% |
| Logs | +35% | +18% | +63% | +103% |
| Natural gas | +14% | −0.0% | +39% | +73% |
| Natural rubber | +215% | +176% | +282% | +376% |
| Nickel | +102% | +76% | +144% | +204% |
| Oranges | +120% | +92% | +166% | +232% |
| Palm kernel oil | +261% | +215% | +337% | +444% |
| Palm oil | +221% | +180% | +289% | +384% |
| Peanuts | +43% | +25% | +73% | +116% |
| Phosphate fertilizers | +439% | +371% | +553% | +713% |
| Phosphate rock | +286% | +238% | +368% | +483% |
| Platinum | +304% | +253% | +389% | +509% |
| Plywood | −25% | −34% | −8.8% | +14% |
| Potash | +244% | +200% | +316% | +419% |
| Rice | +95% | +70% | +136% | +194% |
| Sawnwood | +27% | +11% | +54% | +92% |
| Silver | +1158% | +999% | +1423% | +1797% |
| Soybeans | +132% | +102% | +181% | +250% |
| Sugar | +217% | +177% | +283% | +378% |
| Tea | +57% | +37% | +90% | +137% |
| Tin | +834% | +716% | +1031% | +1309% |
| Urea | +404% | +340% | +510% | +660% |
| Wheat | +212% | +172% | +278% | +371% |
| Zinc | +229% | +187% | +298% | +396% |
Last 10 years (August 2016 to August 2026)
| US dollars | Euro | Pound | Yen | |
|---|---|---|---|---|
| Units per US dollar, change | — | −3.3% | −3.3% | +57% |
| Smallest dollar-price change that is still flat or better in this currency | — | +3.5% | +3.4% | −36% |
| Median price change (42 prices) | +59% | +54% | +54% | +149% |
- 3 prices moved the opposite way in euros than in dollars: lead, logs, sawnwood.
- 2 prices moved the opposite way in pounds than in dollars: lead, sawnwood.
- 6 prices moved the opposite way in yen than in dollars: chicken, natural gas, oranges, peanuts, plywood, sugar.
All 42 prices, last 10 years
| Price | USD | EUR | GBP | JPY |
|---|---|---|---|---|
| Aluminum | +98% | +92% | +92% | +211% |
| Bananas | +5.8% | +2.2% | +2.3% | +66% |
| Beef | +72% | +66% | +66% | +169% |
| Canola | +80% | +74% | +74% | +183% |
| Chicken | −2.9% | −6.1% | −6.1% | +52% |
| Coal | +101% | +94% | +94% | +215% |
| Cocoa | +96% | +90% | +90% | +208% |
| Coconut oil | +18% | +14% | +14% | +85% |
| Coffee | +116% | +109% | +109% | +239% |
| Copper | +201% | +191% | +192% | +373% |
| Corn | +49% | +44% | +44% | +134% |
| Cotton | +19% | +15% | +15% | +87% |
| Crude oil | +97% | +91% | +91% | +209% |
| Fishmeal | +62% | +57% | +57% | +155% |
| Gold | +229% | +218% | +218% | +416% |
| Iron ore | +58% | +53% | +53% | +148% |
| Lamb | +8.8% | +5.2% | +5.2% | +71% |
| Lead | +1.0% | −2.3% | −2.3% | +59% |
| Logs | +3.4% | −0.0% | +0.0% | +62% |
| Natural gas | −0.7% | −4.0% | −4.0% | +56% |
| Natural rubber | +72% | +67% | +67% | +170% |
| Nickel | +62% | +57% | +57% | +154% |
| Oranges | −20% | −22% | −22% | +26% |
| Palm kernel oil | +59% | +54% | +54% | +149% |
| Palm oil | +45% | +40% | +40% | +127% |
| Peanuts | −20% | −23% | −23% | +25% |
| Phosphate fertilizers | +149% | +141% | +141% | +291% |
| Phosphate rock | +55% | +50% | +50% | +143% |
| Platinum | +59% | +53% | +53% | +149% |
| Plywood | −36% | −38% | −38% | +0.0% |
| Potash | +87% | +81% | +81% | +194% |
| Rice | +13% | +9.7% | +9.8% | +78% |
| Sawnwood | +3.2% | −0.2% | −0.2% | +62% |
| Silver | +234% | +223% | +223% | +424% |
| Soybeans | +17% | +13% | +13% | +84% |
| Sugar | −14% | −17% | −16% | +36% |
| Sunflower oil | +80% | +74% | +74% | +182% |
| Tea | +4.7% | +1.2% | +1.2% | +64% |
| Tin | +201% | +191% | +191% | +372% |
| Urea | +109% | +102% | +102% | +228% |
| Wheat | +121% | +114% | +114% | +247% |
| Zinc | +70% | +64% | +64% | +167% |
Last 5 years (August 2021 to August 2026)
| US dollars | Euro | Pound | Yen | |
|---|---|---|---|---|
| Units per US dollar, change | — | +1.5% | +1.8% | +45% |
| Smallest dollar-price change that is still flat or better in this currency | — | −1.5% | −1.8% | −31% |
| Median price change (42 prices) | +4.3% | +5.9% | +6.2% | +51% |
- No price moved the opposite way in euros than in dollars.
- 1 price moved the opposite way in pounds than in dollars: logs.
- 17 prices moved the opposite way in yen than in dollars: bananas, canola, chicken, coal, corn, cotton, lamb, lead, logs, nickel, palm oil, peanuts and 5 more.
All 42 prices, last 5 years
| Price | USD | EUR | GBP | JPY |
|---|---|---|---|---|
| Aluminum | +25% | +27% | +27% | +81% |
| Bananas | −11% | −9.2% | −8.9% | +29% |
| Beef | +30% | +32% | +32% | +88% |
| Canola | −3.0% | −1.5% | −1.2% | +40% |
| Chicken | −29% | −28% | −28% | +2.7% |
| Coal | −20% | −19% | −19% | +15% |
| Cocoa | +140% | +144% | +144% | +247% |
| Coconut oil | +24% | +26% | +26% | +79% |
| Coffee | +67% | +70% | +70% | +142% |
| Copper | +53% | +55% | +56% | +121% |
| Corn | −13% | −11% | −11% | +26% |
| Cotton | −5.4% | −4.0% | −3.6% | +37% |
| Crude oil | +30% | +32% | +32% | +88% |
| Fishmeal | +66% | +69% | +69% | +140% |
| Gold | +147% | +151% | +152% | +257% |
| Iron ore | −41% | −40% | −40% | −14% |
| Lamb | −18% | −17% | −16% | +19% |
| Lead | −23% | −22% | −22% | +11% |
| Logs | −1.5% | −0.1% | +0.3% | +42% |
| Natural gas | −32% | −31% | −30% | −1.1% |
| Natural rubber | +31% | +33% | +33% | +89% |
| Nickel | −12% | −11% | −11% | +27% |
| Oranges | +6.9% | +8.5% | +8.9% | +55% |
| Palm kernel oil | +69% | +71% | +72% | +144% |
| Palm oil | −2.2% | −0.7% | −0.4% | +41% |
| Peanuts | −13% | −12% | −12% | +25% |
| Phosphate fertilizers | +32% | +34% | +34% | +90% |
| Phosphate rock | +24% | +26% | +26% | +80% |
| Platinum | +76% | +79% | +80% | +155% |
| Plywood | −31% | −30% | −30% | +0.0% |
| Potash | −44% | −43% | −43% | −20% |
| Rice | +17% | +19% | +19% | +69% |
| Sawnwood | −1.9% | −0.4% | −0.1% | +42% |
| Silver | +173% | +177% | +178% | +294% |
| Soybeans | −18% | −17% | −16% | +19% |
| Sugar | −12% | −10% | −10.0% | +28% |
| Sunflower oil | +10% | +12% | +12% | +59% |
| Tea | +7.0% | +8.6% | +9.0% | +55% |
| Tin | +58% | +60% | +61% | +129% |
| Urea | −13% | −11% | −11% | +26% |
| Wheat | +1.7% | +3.2% | +3.6% | +47% |
| Zinc | +30% | +32% | +32% | +88% |
None of this says what a commodity "really" cost: a buyer's own costs, hedges and contract terms decide that. It shows how much of a published dollar price move would have reached someone paying in euros, pounds or yen, and how much was the exchange rate. For one commodity's price in these currencies, use the currency toggle on its price page.
Prices: World Bank Pink Sheet primary benchmark series (42 prices current in August 2026). Exchange rates: Board of Governors of the Federal Reserve System (US), retrieved from FRED, Federal Reserve Bank of St. Louis; monthly averages of daily rates, currency units per US dollar. Changes compare the single month at each end of the window.
Source snapshot and downloads
Recreated from Commodity Origins' published derived reports under CC BY 4.0. Report figures retain the publisher's definitions, coverage and reporting years. Selection of underlying commodity rows in our commodity explorer is separate and may have different coverage. Source notes above identify the upstream data; no publisher endorsement is implied.
Snapshot retrieved 2026-10-05. New source vintages require review and republication.