There has been a great deal of chatter about the possible impact that the frenzied commodity speculation in China may have had on U.S. futures markets.It was another week for the record books. Well, sort of. The markets did not run out of gas despite numerous day-to-day technical trading reversals, and they also didn’t break through the previous highs. The bull/bear discussion continues to roll back and forth, although there is now a bull side to the story for the first time in a quite a while. Following are a few other observations:

The bears are still bears, but the bulls seem to be getting somewhat bolder. Funds continue to expand their long positions in the soy complex. Now almost back to even in corn, they are still big shorts in wh...