The Demeter Ag Aggregate comprises six sub-sectors and tracks the listed agriculture value chain worldwide. This bulletin places the index in the broader context in which its constituents operate.
International food prices edged lower in October 2026, with the FAO index at 133.9, -1.2% on the month and +5.9% on the year. The headline is an average over baskets a long way apart: vegetable oils sit at 199.2 and cereals at 116.8, 82 points between the dearest and the cheapest.
The World Bank fertiliser index sits at 148.2, -0.7% over three months and +6.2% on the year. The three-month move is concentrated in potassium chloride at -9.8%, against urea at +5.0%.
BDRY closed at $13.57 as at 10th November 2026, +67.5% on the year. That is the largest one-year move of the three: food prices are +5.9% and fertiliser +6.2% over the same period. It remains well below where it traded when the series began in March 2018.
Against that backdrop the 109 companies of the index reported $1,432bn of revenue over the trailing twelve months, +4.6% on the same period a year earlier.
# Food prices
| Basket | Index | 1 month | 3 months | 1 year |
|---|---|---|---|---|
| Sugar | 121.3 | 6.7% | 27.7% | 28.9% |
| Vegetable oils | 199.2 | 0.3% | 1.8% | 17.6% |
| Dairy | 117.8 | (1.1%) | 1.0% | (16.9%) |
| Meat | 125.5 | (1.3%) | (3.0%) | 0.4% |
| Cereals | 116.8 | (4.5%) | 2.6% | 12.5% |
| All food | 133.9 | (1.2%) | 1.7% | 5.9% |
FAO Food Price Index, published by the Food and Agriculture Organization of the United Nations. Base: the 2014-2016 average = 100.
# Fertiliser
| Product | $/tonne | 1 month | 3 months | 1 year |
|---|---|---|---|---|
| Urea | 420 | 3.1% | 5.0% | 6.5% |
| DAP | 803 | 0.3% | 2.8% | 6.5% |
| Phosphate rock | 170 | 0.0% | 0.0% | 11.5% |
| TSP | 692 | 0.3% | (3.8%) | 5.1% |
| Potassium chloride | 358 | (2.7%) | (9.8%) | 1.6% |
| Fertiliser index | 148.2 | 0.8% | (0.7%) | 6.2% |
World Bank Pink Sheet, base 2010 = 100. Urea carries the largest weight in the index, and the index therefore tracks N prices more closely than P or K.
# Freight
BDRY, an exchange-traded fund tracking dry-bulk freight futures, stood at $13.57 as at 10th November 2026, +11.3% on the month and +67.5% on the year.
# The long view
All series rebased to 100 at March 2018, the inception of the freight series and so the earliest date they all share.
Food prices to 2026-10-31; fertiliser prices to 2026-10-31; freight to 2026-11-10 and month-to-date; revenue to 2026-10-01. DAA index levels are total return in USD, based at 1,000 on 3 January 2005.
