It is interesting that many lay the blame for the rising CRB index on Energy, specifically oil, and Precious Metals, specifically gold. However, if one scans the component of the CRB index, one can see that the top three greatest year-over-year price increases have come from Softs, Grains, and Precious Metals. Energy comes in fourth!
Reuters/CRB Futures Price Index 1967=100 - Aug 30, 2002
Today Previous Change Year Ago Change
CRB Futures Index 219.20 217.41 1.79 197.09 22.11
Industrials 166.58 165.86 0.72 151.11 15.47
Grains 204.72 199.05 5.67 167.32 37.40
Livestock / Meats 188.98 187.22 1.76 240.00 -51.02
Energy 290.75 289.00 1.75 259.94 30.81
Precious Metals 266.82 268.56 -1.74 230.15 36.67
Softs 290.21 288.12 2.09 243.24 46.97
Industrial consists of copper and cotton; Grains are corn, soybean, and wheat; Livestock and Meats are cattle and hogs; Energy is crude oil, natural gas, and heating oil; Precious Metals are gold, platinum, and silver; and the Softs are cocoa, coffee, orange juice, and sugar.
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