This factor clearly helps mitigating the risks associated with adverse shocks in some of our trade partners. And, despite a likely deceleration in the US and, probably, in Europe, I am not expecting a significant shift away from this scenario any time soon. Today, commodity prices depend almost exclusively on the long-term equilibrium between supply and demand in each particular market.
And these balances have been virtually unaffected by recent financial turmoil. Especially, for soft commodities, where demand seems to be immune to recent developments. In fact, agricultural prices have shown persistent upside movements recently associated with a structural change: a sustained growth in demand (rather than negative supply shocks as in other times in history).