Commodities Enter Bull Market After U.S. Drought Scorches Crops
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Commodities entered a bull market, gaining 21 percent from a June low, as grain prices surged following the most-severe U.S. drought in half a century.
The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.9 percent to settle at 675.55 at 4 p.m. in New York. The gauge has jumped from this year’s lowest close of 559 on June 21. A gain of more than 20 percent is the common definition of a bull market.