Calm before the (next) storm?

The past week saw relatively little movement in commodity prices compared to the volatility earlier in the year, as the surge in the dollar ran out of steam. The biggest gainers – notably wheat and sugar – only posted small rises after similar-sized falls in the week before. The price of Brent crude oil dropped back as the focus shifted from the crisis in Yemen to the prospect of an easing of Western sanctions on Iran, but again the moves were small.