That was the overall sentiment of analysts at the Dow Jones Indexes Mid-Year commodities outlook held Tuesday morning on the grain floor of the Chicago Board of Trade.
David Hightower, president and founder of the Hightower Report, joked that various pundits have cited 10 commodity bubble bursting events in recent years; he is not one of them. “We don’t see the factors that bring about a market top,” said Hightower who was commenting on the grain markets. “We don’t have high enough prices…we have to move to higher prices, demand has not been pushed back.”
One market where price has risen to the point of affecting demand is crude oil.
Phil Flynn, Alaron energy analyst and a consistent energy bull over the last decade, believes that for the first time in many years the price of crude may have hit a top and next year’s high will not exceed the current year’s high.
