Congress to have a hearing on commodity index funds and speculators

<i>"This isn't a bubble... commodities have been in a bull market since 1999 and will be in one for at least another decade."</i>

I agree... on a long-term basis. But how do you explain a physical commodity being priced 2x front-month futures over spot price? At any moment in time, that kind of insane paper shortage is a bubble.

Long-term, bull market. Short-term at times, huge frothy bubbles
 
Quote from austinp:

When wheat futures were lock-limit at $20 bushel while the spot was less than $10, it was the most obvious tell that large specs are completely out of control.

If spot prices go up 5c bushel and drive wheat-based foods up accordingly, that has an enormous trickle down effect on all of us. Any commodity which is white hot bubbled now will implode eventually... hopefully sooner than later on the back of tightened regs for large specs' modus operandi
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The spot you are quoting was for a different type of wheat than the futures. The 3 futures exchanges trade 3 different types of wheat. MGEX - hard red spring, KC - hard red winter and CBOT - soft red winter. When MGEX wheat was over $24.00 CBOT wheat didn't even get to $14.00.
 
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