ANZ Commodity Price Index

The ANZ World Commodity Price Index rose 4.2% m/m in February. Rising geopolitical tension throughout January and February likely contributed to higher commodity prices across several categories. Dairy prices increased 7.8% m/m, continuing the rebound that began in January. Prices have risen despite very strong milk production in most key markets, which would typically be expected to place downward pressure on prices. The meat and fibre subgroup has set a new record high in six consecutive months, rising another 2.6% m/m in February. Wool prices rose 13.5% m/m, supplementing the strength seen in beef and lamb prices. ... (