Looking forward, a projected slowing in housing construction in North America is expected to keep wood product prices on a gradual downward course in 2006. Pulp and paper prices are likely to hold up comparatively better.

Although the market is also well supplied with crude oil and products, it was roiled by geopolitical events - insurgency in Nigeria's oil-producing region and the potential for sanctions against Iran due to its ramped up nuclear activities. Fears of supply disruptions caused prices to move higher.

Metal and mineral prices are generally expected to ease in 2006, although solid demand, low inventories and limited production growth should keep them close to previous-year levels.

Unusually warm weather significantly reduced the winter draw on (natural gas) inventories, leaving the continent very well supplied.

Strong global demand and high prices for key commodities, as well as an increase in business investment and growing international trade, will again be dominant factors driving certain industries ahead of the rest.

Jerome Wood was part of a generation of path-breakers in the study of Latin America who made it easier for me to do what I do today.