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Commodities Slump Close to Ending as Hackett Says Buy Rice

The slump in commodities is close to ending and prices for wheat, rice and coffee should rebound because demand is close to supplies, according to Shawn Hackett, president of Hackett Financial Advisors in Florida.

The Bloomberg Commodity Index of 22 raw materials closed Friday at a 12-year low, and is almost 30 percent lower than this time last year. Wheat, rice and coffee supplies are the lowest relative to demand and trade in 50 years, Hackett said. The Brazilian real should stabilize in the next 30 days, helping coffee prices to rebound, he said.