Key Takeaways
- • The CME Group Agriculture Index (CMEAG) declined 2.66% in September 2026, but remained up 13.07% year to date as of early October.
- • Grains and oilseeds led the September pullback, with Corn (-6.88%), Soybean Oil (-4.29%) and Chicago SRW and KC HRW Wheat futures all falling after bearish USDA reports and late-month sell-offs.
- • Dairy and hog contracts posted the steepest monthly losses, with Class III milk down 10.44% and Lean Hogs down 6.98%.
- • Oats (+12.27%), NFDM (+10.38%) and feeder cattle (+7.35%) were the strongest September performers, as supply-side tightness lifted cattle and soybean meal.
- • The monthly index range was 91.62 to 95.25, while the year-to-date low was 81.03.
Summary
The CME Group Agriculture Index, which tracks CME Group-listed volume-weighted continuous futures across five sectors (grains, oilseeds, livestock, dairy and lumber), fell 2.66% in September 2026. According to the index's monthly update, the decline was led by weaker prices for major grain and oilseed benchmarks. Despite the pullback, the index remains up 13.07% year to date. Its September trading range was 91.62 to 95.25, and its year-to-date low was 81.03.
The month's performance reversed trends seen in August and early September, when grain and oilseed futures surged while cattle futures declined. Bearish USDA reports and sell-offs in late September pressured grain and oilseed contracts, including Corn, Chicago SRW Wheat and KC HRW Wheat. Supply-side tightness, however, lifted Live Cattle, Feeder Cattle and Soybean Meal. The source notes that October prices for many benchmarks still sit above early-to-mid summer levels.
Component returns were mixed. Oats led gains at 12.27%, followed by NFDM at 10.38%, Feeder Cattle at 7.35%, Class IV at 4.69%, Soybean Meal at 3.58% and Live Cattle at 3.53%. Rice (+2.80%) and Soybean (+0.39%) were modestly positive. On the downside, Class III fell 10.44%, Lean Hogs 6.98%, Corn 6.88%, Soybean Oil 4.29% and Lumber 4.00%. The publisher's table is truncated before the CS Butter figure, so that component's full September return is not reported here.
The month's performance reversed trends seen in August and early September, when grain and oilseed futures surged while cattle futures declined. Bearish USDA reports and sell-offs in late September pressured grain and oilseed contracts, including Corn, Chicago SRW Wheat and KC HRW Wheat. Supply-side tightness, however, lifted Live Cattle, Feeder Cattle and Soybean Meal. The source notes that October prices for many benchmarks still sit above early-to-mid summer levels.
Component returns were mixed. Oats led gains at 12.27%, followed by NFDM at 10.38%, Feeder Cattle at 7.35%, Class IV at 4.69%, Soybean Meal at 3.58% and Live Cattle at 3.53%. Rice (+2.80%) and Soybean (+0.39%) were modestly positive. On the downside, Class III fell 10.44%, Lean Hogs 6.98%, Corn 6.88%, Soybean Oil 4.29% and Lumber 4.00%. The publisher's table is truncated before the CS Butter figure, so that component's full September return is not reported here.
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