Commodity prices depend on supply and demand. With an uneven distribution of resources, prices are high at locations starved of commodity and low where it is abundant. We introduce an agent-based model  in which agents set their prices to maximize profit. At steady state , the market URLanizes into three groups: excess producers, consumers , and balanced agents  . When resources are scarce , prices rise sharply at a turning point due to the disappearance of excess producers. Market dataof commodities provide evidence of turning pointsfor essential commodities, as well as a yield point for non-essential ones .
 We introduce an agent-based model , in which agents set their prices to maximize profit. At steady state the market URLanizes into three groups: excess producers, consumers and balanced agents , with prices determined by their own resource level and a couple of macroscopic parameters that emerge naturally from the analysis, akin to mean-field parameters in statistical mechanics . When resources are scarce prices rise sharply below a turning point that marks the disappearance of excess producers. To compare the model with real empirical data, we study the relations between commodity prices and stock-to-use ratios of a range of commodities such as agricultural products and metals. By introducing an elasticity parameter to mitigate noise and long-term changes in commodities data, we confirm the trend of rising prices, provide evidence for turning points, and indicate yield points for less essential commodities .
D
Commodity prices depend on supply and demand. With an uneven distribution of resources, prices are high at locations starved of commodity and low where it is abundant.
A
,
D
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D
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A
, with prices determined by their own resource level and a couple of macroscopic parameters that emerge naturally from the analysis, akin to mean-field parameters in statistical mechanics
D
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Market dataof commodities provide evidence of turning pointsfor essential commodities, as well as a yield point for non-essential ones
To compare the model with real empirical data, we study the relations between commodity prices and stock-to-use ratios of a range of commodities such as agricultural products and metals. By introducing an elasticity parameter to mitigate noise and long-term changes in commodities data, we confirm the trend of rising prices, provide evidence for turning points, and indicate yield points for less essential commodities