| Summary: | Prices of industrial commodities continued to strengthen in the third quarter (q/q), while most agricultural prices remained
broadly stable. In the oil market, inventories continue to fall amid strong demand, OPEC production restraint,
and stabilizing U.S. shale oil production. Crude oil prices are expected to average $53 per barrel (bbl) in 2017 (up
from $43/bbl in 2016) and rise to $56/bbl in 2018, a small downward revision from the April 2017 forecast. Metals
prices are expected to surge 22 percent in 2017 due to strong demand and supply constraints, notably Chinese environmentally-
driven supply cuts. With the exception of iron ore, metals prices are expected to increase moderately in 2018.
Agricultural prices are seen broadly unchanged in 2017 and are anticipated to gain marginally in 2018. Most food
markets are well-supplied and the stocks-to-use ratios of some grains are forecast to reach multi-year highs.
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