The ANZ World Commodity Price Index fell 3.9% month over month in July, the largest monthly fall since November 2022, according to a Wednesday report from ANZ Research.
Oil, gas, and petrochemical prices have been very volatile, as well as grain and oilseed markets. Shipping rates remain elevated, pressuring commodity prices downward.
Dairy prices fell 6.5% sequentially during the month and by more than 11% year over year. Whole milk powder prices dropped 5.3%, weighed down by strong global supplies, while casein prices jumped past 28% as demand outpaces supply.
Meanwhile, the meat and fiber index was down 3% from June, the first monthly fall since May 2025, ANZ said. Wool prices were down 12% over the period, despite remaining up nearly 70% on an annual basis. Beef prices declined 4.4% month over month in overseas markets. Strong competition from South American exporters is impacting the US market, but ANZ's beef price index is still up by about 17% year over year.
The horticulture index rose 2.1% in July, with rising gold kiwifruit prices offsetting weaker green apple prices.
The forestry index inched up 0.7% in July and was up roughly 11% year over year, as the improvement in shipping and diesel costs across the month helped log prices recover.
Aluminum prices plunged 8.2% month over month as China and Europe increased production in response to the fall in Middle East production, and aluminum prices were back to near pre-conflict levels, ANZ said. However, prices for the metal were still up 21% year over year.