We think that the recent sharp falls in commodity prices are more than just a temporary dip in an upward trend. The focus has been on the oil price, which has fallen by more than $25 per barrel (or 18%) since early July. However, other commodity prices have also been weak. These include key foodstuffs such as wheat (15%), soybeans (23%), and corn (31%). And, ironically given the recent price hikes announced by UK utility companies, US natural gas prices have fallen by 36%.
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