Demand for commodities in the Americas is sending mixed signals across sectors. In agriculture, consumption of staples like corn and soy remains solid, but bumper crops have eased prices from recent peaks. For instance, soybean prices in early 2024 were down over 20% year-on-year thanks to ample supply, even as usage holds strong. In contrast, crops like coffee and sugar saw price surges on the back of robust demand and weather-related shortfalls. Energy commodities continue to see healthy demand: global oil consumption is at an all-time high and expected to reach ~104 million barrels per day in 2025, while Latin America’s need for refined fuels is still inching up (~1% annual growth). This keeps oil exporters in the region busy, though prices have stabilized below last year’s highs.

Meanwhile, industrial metals are facing a softer market. Slower manufacturing activity worldwide has dampened demand for base metals – copper prices, for example, slumped amid weak industrial output. Overall, commodity demand in the Americas is robust for food and energy but lukewarm for industrial metals, mirroring an uneven global economy.