How much of a commodity price move is the dollar?

Over the ten years to September 2026, the median benchmark price rose 62% in US dollars, 58% in euros and 149% in yen. The gap is the exchange rate: over the same ten years one dollar bought 2.5% fewer euros and 54% 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 September 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 September 2026)

Exchange-rate move and median price change, since 2000
	US dollars	Euro	Pound	Yen
Units per US dollar, change	—	−12%	+22%	+49%
Smallest dollar-price change that is still flat or better in this currency	—	+14%	−18%	−33%
Median price change (40 prices)	+234%	+194%	+308%	+395%

No price moved the opposite way in euros than in dollars.
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

Benchmark price change in four currencies, since 2000
Price	USD	EUR	GBP	JPY
Aluminum	+95%	+72%	+139%	+190%
Bananas	+133%	+105%	+186%	+247%
Beef	+252%	+210%	+330%	+423%
Chicken	+41%	+24%	+73%	+110%
Coal	+486%	+416%	+617%	+771%
Cocoa	+543%	+467%	+687%	+856%
Coconut oil	+219%	+180%	+290%	+373%
Coffee	+196%	+161%	+263%	+340%
Copper	+685%	+591%	+860%	+1066%
Corn	+157%	+126%	+214%	+281%
Cotton	+100%	+76%	+145%	+197%
Crude oil	+360%	+305%	+463%	+583%
Fishmeal	+557%	+478%	+704%	+876%
Gold	+1421%	+1239%	+1761%	+2159%
Iron ore	+239%	+199%	+315%	+404%
Lamb	+166%	+134%	+225%	+295%
Lead	+297%	+249%	+386%	+489%
Logs	+34%	+18%	+64%	+99%
Natural gas	+22%	+7.3%	+49%	+81%
Natural rubber	+239%	+199%	+315%	+404%
Nickel	+96%	+73%	+140%	+192%
Oranges	+126%	+99%	+176%	+235%
Palm kernel oil	+275%	+230%	+359%	+457%
Palm oil	+239%	+199%	+315%	+404%
Peanuts	+79%	+57%	+119%	+165%
Phosphate fertilizers	+444%	+379%	+566%	+708%
Phosphate rock	+286%	+240%	+373%	+474%
Platinum	+305%	+256%	+395%	+501%
Plywood	−24%	−33%	−6.4%	+14%
Potash	+227%	+188%	+300%	+385%
Rice	+100%	+76%	+144%	+197%
Sawnwood	+26%	+11%	+54%	+87%
Silver	+1142%	+994%	+1420%	+1745%
Soybeans	+152%	+122%	+208%	+274%
Sugar	+242%	+201%	+318%	+408%
Tea	+54%	+36%	+89%	+129%
Tin	+806%	+698%	+1009%	+1246%
Urea	+426%	+364%	+544%	+682%
Wheat	+228%	+189%	+301%	+387%
Zinc	+241%	+200%	+317%	+407%

Last 10 years (September 2016 to September 2026)

Exchange-rate move and median price change, last 10 years
	US dollars	Euro	Pound	Yen
Units per US dollar, change	—	−2.5%	−2.0%	+54%
Smallest dollar-price change that is still flat or better in this currency	—	+2.6%	+2.0%	−35%
Median price change (42 prices)	+62%	+58%	+59%	+149%

3 prices moved the opposite way in euros than in dollars: peanuts, sawnwood, tea.
1 price moved the opposite way in pounds than in dollars: peanuts.
5 prices moved the opposite way in yen than in dollars: lead, natural gas, oranges, plywood, sugar.

All 42 prices, last 10 years

Benchmark price change in four currencies, last 10 years
Price	USD	EUR	GBP	JPY
Aluminum	+106%	+101%	+102%	+217%
Bananas	+12%	+9.2%	+9.8%	+72%
Beef	+67%	+62%	+63%	+156%
Canola	+69%	+65%	+66%	+160%
Chicken	+6.5%	+3.8%	+4.4%	+64%
Coal	+102%	+97%	+98%	+211%
Cocoa	+106%	+100%	+101%	+216%
Coconut oil	+34%	+30%	+31%	+106%
Coffee	+87%	+82%	+83%	+187%
Copper	+207%	+199%	+200%	+371%
Corn	+61%	+57%	+58%	+148%
Cotton	+22%	+19%	+20%	+88%
Crude oil	+153%	+147%	+148%	+289%
Fishmeal	+90%	+85%	+86%	+192%
Gold	+225%	+217%	+219%	+400%
Iron ore	+69%	+65%	+66%	+160%
Lamb	+5.1%	+2.5%	+3.0%	+61%
Lead	−3.9%	−6.2%	−5.8%	+48%
Logs	+2.7%	+0.1%	+0.6%	+58%
Natural gas	−0.7%	−3.1%	−2.6%	+53%
Natural rubber	+77%	+73%	+74%	+172%
Nickel	+60%	+56%	+57%	+146%
Oranges	−25%	−27%	−26%	+16%
Palm kernel oil	+63%	+59%	+60%	+151%
Palm oil	+48%	+44%	+45%	+127%
Peanuts	+0.8%	−1.7%	−1.2%	+55%
Phosphate fertilizers	+150%	+144%	+145%	+284%
Phosphate rock	+56%	+52%	+53%	+140%
Platinum	+70%	+66%	+67%	+162%
Plywood	−35%	−36%	−36%	+0.1%
Potash	+78%	+74%	+74%	+173%
Rice	+26%	+22%	+23%	+93%
Sawnwood	+2.0%	−0.5%	+0.0%	+57%
Silver	+233%	+225%	+226%	+412%
Soybeans	+30%	+26%	+27%	+99%
Sugar	−13%	−15%	−15%	+34%
Sunflower oil	+61%	+57%	+57%	+147%
Tea	+2.2%	−0.4%	+0.1%	+57%
Tin	+175%	+169%	+170%	+323%
Urea	+118%	+112%	+113%	+234%
Wheat	+130%	+125%	+126%	+254%
Zinc	+75%	+71%	+72%	+170%

Last 5 years (September 2021 to September 2026)

Exchange-rate move and median price change, last 5 years
	US dollars	Euro	Pound	Yen
Units per US dollar, change	—	+2.3%	+2.4%	+42%
Smallest dollar-price change that is still flat or better in this currency	—	−2.2%	−2.4%	−30%
Median price change (42 prices)	+5.1%	+7.5%	+7.7%	+49%

3 prices moved the opposite way in euros than in dollars: chicken, logs, palm oil.
4 prices moved the opposite way in pounds than in dollars: chicken, logs, palm oil, sawnwood.
15 prices moved the opposite way in yen than in dollars: bananas, canola, chicken, coal, cotton, iron ore, lamb, lead, logs, nickel, palm oil, sawnwood and 3 more.

All 42 prices, last 5 years

Benchmark price change in four currencies, last 5 years
Price	USD	EUR	GBP	JPY
Aluminum	+16%	+18%	+19%	+64%
Bananas	−5.1%	−2.9%	−2.8%	+35%
Beef	+19%	+22%	+22%	+69%
Canola	−12%	−9.6%	−9.5%	+26%
Chicken	−1.1%	+1.1%	+1.3%	+40%
Coal	−21%	−19%	−19%	+12%
Cocoa	+131%	+136%	+137%	+228%
Coconut oil	+40%	+43%	+44%	+99%
Coffee	+46%	+49%	+50%	+107%
Copper	+55%	+59%	+59%	+120%
Corn	+1.7%	+4.0%	+4.2%	+44%
Cotton	−8.3%	−6.2%	−6.1%	+30%
Crude oil	+57%	+60%	+60%	+122%
Fishmeal	+97%	+101%	+101%	+179%
Gold	+143%	+149%	+149%	+245%
Iron ore	−22%	−20%	−20%	+11%
Lamb	−20%	−18%	−18%	+14%
Lead	−17%	−15%	−15%	+18%
Logs	−2.2%	+0.0%	+0.2%	+39%
Natural gas	−42%	−41%	−41%	−18%
Natural rubber	+48%	+51%	+51%	+110%
Nickel	−16%	−14%	−14%	+20%
Oranges	+6.8%	+9.2%	+9.4%	+52%
Palm kernel oil	+65%	+69%	+69%	+134%
Palm oil	−0.1%	+2.2%	+2.3%	+42%
Peanuts	+5.9%	+8.3%	+8.5%	+50%
Phosphate fertilizers	+24%	+27%	+27%	+77%
Phosphate rock	+15%	+18%	+18%	+64%
Platinum	+83%	+88%	+88%	+160%
Plywood	−30%	−28%	−28%	−0.0%
Potash	−50%	−49%	−49%	−29%
Rice	+21%	+23%	+23%	+71%
Sawnwood	−2.3%	−0.1%	+0.0%	+39%
Silver	+178%	+185%	+185%	+295%
Soybeans	−6.1%	−4.0%	−3.8%	+33%
Sugar	−4.7%	−2.5%	−2.3%	+35%
Sunflower oil	+6.1%	+8.5%	+8.7%	+51%
Tea	+4.4%	+6.8%	+6.9%	+48%
Tin	+54%	+57%	+58%	+119%
Urea	−2.7%	−0.5%	−0.3%	+38%
Wheat	+2.8%	+5.1%	+5.3%	+46%
Zinc	+32%	+35%	+36%	+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 September 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.

More patterns

Concentration: How much of each commodity comes from one country?
Producer or exporter?: Is the biggest producer also the biggest seller abroad?
Prices in real terms: Which prices are records once inflation is removed?
Growth and decline: Whose output is rising or falling fastest?
Linked prices and seasons: Which prices move together, and which have a season?
A century of real prices: Are minerals getting scarcer, judging by their real prices since 1900?
Supplier exposure: Which big buyers lean on one supplier for critical minerals?
Trade after export controls: What happened to a country's exports after it controlled them?
Export share history: Who has gained and lost share of world exports since 2000?
Prices around export controls: What happened to mineral prices after export controls?
Export basket prices: What would a country's commodity exports have fetched at each month's prices?
Substitution coverage: How large are other exporters' sales to other buyers next to an importer's biggest supplier?
Critical risk matrix: Which critical minerals combine concentrated mining, export controls and import reliance?
Country reserve life: Which producing countries have the least of what they mine?
Prices and cumulative output: Do prices fall as the world digs up more of a mineral?
US import reliance and recycling: How much of each mineral does the United States import, and how much comes from scrap?
Data confidence: How firm are each commodity's production numbers?
Export controls and bans: Which governments restrict exports of minerals, and what is still in force?
Chokepoints: Which narrow passages do the world's commodities depend on?
By-product minerals: Which minerals are by-products of other metals?
Peak production: Which minerals and fuels are still setting records, and which peaked years ago?
Reserves and mining: Where are the deposits, and who digs them up?
Supply concentration: Which commodities depend on the fewest suppliers?
Land or yield?: Did output grow because farmers planted more or farmed better?
Supply shocks and prices: When world output falls, do prices rise?
Category price indices: How have energy, metals and food prices moved since 1960?
Drawdowns and volatility: How far do prices fall, and do they recover?
Stocks and prices: Are prices lower when the world holds more stock?
Which prices follow oil?: How closely does each commodity track crude oil?
How reliable is the data?: How much of world output rests on estimates?
Net exporters and importers: Who is a net seller and who a net buyer?
Country leaders: Which countries lead across the most commodities?
Export dependency: Which countries rely on one commodity?
Concentration over time: Has production spread out or narrowed?
Import dependency: Which countries buy most of a commodity from one supplier?
Supplier shifts: Who gained and lost importers' business?
Trade price against benchmark: Does traded product sell above or below the benchmark price?
Do prices lead each other?: Does one commodity price move before another?
Volatility over time: Are prices more volatile than they used to be?
Seasonality: Which prices have a calendar-month pattern?
Price ratios: What does one commodity buy of another, and is that high or low?
El Niño and prices: Do El Niño and La Niña years move commodity prices?
Who consumes it: Which countries consume each commodity, and how much per person?
Self-sufficiency: Which large markets depend on imports, and which produce far more than they use?
Trade flows: Who sells each commodity to whom?

Every figure is computed from the same tables as the commodity pages. The full set is in patterns.json, and single facts from it appear each day on the facts page.