Commodity prices have decreased sharply since the release of the October 2019 World Economic Outlook (WEO), hit hard by the COVID-19 outbreak in late January. This reversed a previous upward trend supported, in part, by better economic prospects. Since the outbreak, energy and metal prices have fallen sharply as measures to contain the pandemic—first in China, then worldwide—substantially reduced travel and dented global industrial activity.1 Oil prices collapsed further in March as the OPEC+ coalition broke down, unable to reach agreement on how to react to the weak oil demand outlook. The price impact has varied significantly across commodities, depending on the specific end-use sectors and regions affected by the outbreak and on the storability and supply elasticity of the commodity. Flight to safety has supported gold prices. The outbreak has reduced demand for some agricultural raw materials and animal feed; price support was, however, provided by cereals (such as wheat) following consumer stockpiling in regions affected by COVID-19.