SM Commodities Index - June 2020

14 July 2020

The latest prices and key trends from the SM Commodities Index.

Natural gas

The price of natural gas fell 7% from May to June – reaching into the $1.60s/MMBtu (million British thermal units) – reflecting the fact that the US market remains oversupplied, according to IHS Markit. Warm weather has lifted natural gas demand for electricity production, but weak industrial demand and LNG exports have put downward pressure on prices.


June wheat prices in the US fell almost 5%. Despite questions regarding the crop size of major exporters like Russia, Ukraine, and the European Union, global stocks seemed well supplied in June and wheat prices in the US succumbed to pressure from the 2020-21 winter wheat harvest. The situation has made an abrupt turn though in the first half of July, with US wheat futures surging higher due to poor growing conditions in Russia, the European Union and Argentina. The harvest lows in the United States now look to be behind us.

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