Since the start of this year, the CRB index has stabilised as oil prices have regained their footing. Going forward we expect the CRB index to rise later in the year. Near-term weakness in oil prices and precious metals could be offset by higher base metal prices. We expect fundamentals for cyclical commodities to improve, leading to a recovery in WTI (later this year) as well as most base and precious metal prices (excluding gold). But a stronger dollar will likely limit strong gains in prices. After the sharp weakness in Q1 of 2015, we expect a stabilisation in grains and soft commodity prices.