Commodity futures prices see miniature bubble emerge in May

Commodity futures prices see miniature bubble emerge in May

Commodity prices have surged recently. In the six weeks from April 20 to June 5, corn futures jumped 20.3 percent, from $3.69 to $4.44 per bushel; wheat is up 23.6 percent, from $5.04 to $6.23; coffee futures grew 20.7 percent from $1.11 to $1.34 per pound; and crude oil is up a whopping 49.2 percent from $45.88 to $68.44 per barrel. Crude-oil prices are now more than double the low of $33.98 set in February. How is this possible at the bottom of the worst recession since the 1930s?

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