September 2025 Commodity Recap: Precious Metals Surge, Ag Markets Struggle
Looking back at the month of September, the commodity market showed mixed results—especially for agricultural commodities, which largely struggled. Of the 48 commodities tracked daily, only minor progress was made in corn, while precious metals clearly dominated.
“Looking back at the month of September, our list of 48 commodities that we track daily, minor progress made in corn, but certainly precious metals dominated the month. For the month of September, platinum, silver, and gold, one, two, and three on our list of 48 by far.”
Among ag commodities, just two ended the month in positive territory: lean hogs, which gained 7%, and corn, which eked out a modest 0.5% gain to take the 18th spot.
“In fact, the only two ag commodities to finish in positive territory for the month, lean hogs up 7% and corn at number 18 up a half a percent, barely out of the red.”
The rest of the grains and livestock markets finished in the red. Cotton held up best among the losers, dropping only 0.5%. Feeder cattle were down 1.5% after a tough second half of the month.
“All other grains and livestock were in the red for the month. Overall, cotton performed the best of that group down only a half a percent, feeder cattle down one and a half at a tough second half of the month of September.”
Wheat lost 2.25%, soybeans dropped 4%, and oats were among the worst performers, sinking 8.5%.
“Wheat lost two and a quarter percent, soybeans down four, somewhat surprising very near the bottom, oats down eight and a half percent for the month.”
Market analysts caution that a single month doesn’t set a lasting trend.
“Now, one month doesn’t make a trend, of course. Tomorrow, we’ll review that same list of 48 and their performance since New Year’s.”
In related news, Arlan Suderman from Stonex raised concerns about a possible partial government shutdown and its impact on the October crop report.
“Arlan Suderman from Stonex says a partial government shutdown could give us a repeat October 2013, when that October crop report was delayed.”
Audio Reporting by Mark Oppold for Southeast AgNet.