The commodities markets didn’t need new legislation to find their financial equilibrium; they just needed a bear market to burn the neophyte investors. That bear market in crude oil, natural gas, corn and soybeans—to name a few—may be at hand. Index investors withdrew about $4 billion from agricultural futures in July and were on pace to pull another $3 billion to $4 billion in August.To paraphrase President Clinton’s former Securities and Exchange Commission Chairman Arthur Levitt in a ...

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