With China and other emerging markets rebounding, demand for oil, copper, corn and other agricultural crops will outstrip supply at least for the near term.

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Wheat grew the most, rising 13 percent, followed by single-digit rises from corn, gold and copper.

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Industrial commodities like copper and aluminum, and consumables like corn and pork bellies, have not done much better.

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The bearded academic noted that prices for oil, corn, and industrial metals such s aluminum and copper saw substantial gains in recent years.

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In the 16 months since Bernanke assured us that QE1 would not jeopardize price stability, oats prices are up 40%, concentrated orange juice up 45%, gold and rice up 50%, corn up 55%, coffee up 60%, copper up 70%, sugar up 90%, and cotton and silver up 100%!

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