With the U.S. on the verge of recession, skyrocketing commodity prices could produce economic conditions similar to those of the 1970s
The figures cited during last month's U.S. Commodity Futures Trading Commission meeting and webcast in Washington were jaw-dropping, even for those viewers who were already familiar with how quickly the costs of agricultural staples have risen during the past year. “We gather during extraordinary times for our agricultural markets,” said CFTC acting chairman Walt Lukken to a forum of farmers, commodity traders and analysts. “Commodity prices across the board are at levels not experienced in ...
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