10/31/25 – Afternoon CommStock Report – Commodities Testing Longstanding Trends

Cattle futures remain near the top of the list for price performance over the last twelve months, pacing just behind gains for commodities including gold and coffee. On the opposite end of the spectrum are wheat futures, which were lower on the year along with cotton, oats, and lumber. The previous year of price action contrasts with what has lately been a reversion of trends that features cattle futures correcting lower while grains stage a recovery. History may eventually show this fall to have been a significant point of inflection for grains, livestock, and many other markets.   Leading and lagging the one-year performance list were coffee and orange juice. Both markets started turning lower at the start of 2025, but they would diverge this summer when coffee futures turned back around toward fresh all-time highs while orange juice futures kept going lower to cut prices by more than half from their one-year top. Coffee and orange juice display alternative paths forward for cattle and other markets that have recently paused following new all-time highs.   Gold has been yet another commodity to display sharp downside volatility after having stretched to fresh record highs this month. Gold and the rest…