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Below is an updated snapshot of our trading range charts for ten major commodities. For each chart, the green shading represents between two standard deviations above and below the commodity's 50-day moving average. Moves to the top of or above the green shading are considered overbought, and vice versa for oversold.

In late May, every commodity shown below was at the bottom of its trading range with the exception of natural gas. At the moment, however, most commodities are at least in the top half of their trading ranges. Corn has seen the biggest spike of them all recently due to drought, and it is now at a one-year high. Wheat is the second most overbought of the bunch, followed by natural gas. Oil, silver and copper are the only commodities shown that are in the bottom half of their trading ranges, but none of them are oversold.

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Source: Bespoke's Commodity Snapshot (7/3/12)