The ANZ World Commodity Price Index eased 1.0% in the first month of 2023. Movements were mixed. Meat, forestry and aluminium prices lifted, while dairy and horticulture prices eased. In local currency terms the index dropped 1.2%. {chart} Global shipping prices continued to retreat during January. The Baltic Dry Index is now at its lowest level since June 2020. Demand for shipping has eased, while the supply of ships has increased. While this is encouraging, shipping costs may lift again if manufacturing activity in China picks up after the Chinese New Year holiday break. {chart} Dairy prices retreated 2.5% ... (full story)