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Commodities

In 1936, Congress passed the Commodity Exchange Act (CEA) regulating the U.S. futures markets. Enforced originally by the Department of Agriculture  the CEA is now administered by the Commodity Futures Trading Commission (CFTC), the federal agency established in 1974 to regulate the futures market.

Probably the best place to start your search for information about commodities is at the places where they are traded. The major commodity exchanges, Chicago Board of Trade, Chicago Mercantile Exchange, Coffee, Sugar and Cocoa Exchange, COMEX, Kansas City Board of Trade, MidAmerica Commodity Exchange, Minneapolis Grain Exchange, New York Board of Trade, New York Cotton Exchange, and New York Mercantile Exchange, all have well developed and informative sites.

What is the place for commodities in a well diversified portfolio? A strong case for commodity futures is made in the often cited academic study Facts and Fantasies About Commodity Futures.

An entertaining primer on commodities written by author and investor, Jim Rogers, is Hot Commodities. Be forewarned, however, the writer is more cheerleader than critic. For a more substantial treatment of commodity futures, examine The Futures Game, a standard text now in its third edition.

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Financial Counselors of VA is an independent Registered Investment Advisor based in Portsmouth, VA, providing
fee-only financial planning services and investment management advice to individuals and families since 1985.

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