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Th e paper examines a systematic interrelationship between the world oil and agricultural commodity prices, taking the role of the USD and the perceived global market risks into consideration for the period from January 1990 to June 2013. Th e authors initially determine the signifi cant cross-sectional dependence in a large balanced panel framework for 27 commodity prices, and then apply the second generation panel unit root (PUR) tests. Findings from the PUR tests clearly suggest that there is a strong unit root in agricultural commodity prices. In addition, the empirical fi ndings from the fi xed eff ects panel data, panel co-integration analysis, the Panel-Wald Causality tests, and the common correlated eff ects mean group estimations strongly show that the world oil price and the weak USD have positive impacts on almost all agri- cultural commodity prices. Th ere are also retained the adjuvant eff ects of the escalatory perceived global market risk upon most agricultural commodity prices.

The linkage between oil and agricultural commodity prices in the light of the perceived global risk