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Oil is not the only commodity that has been roaring ahead this year. Precious metals are in a major bull market as are corn, wheat, rice, and soybeans. In fact, while the fall in the dollar is part of the commodity futures bull markets story you can not get away from the fact that rapidly developing economies in a number of nations and changes in weather patterns caused by climate change are important factors in driving futures prices.

World’s largest rice exporter, Vietnam’s Mekong Delta which accounts for more than half of its output is hit by drastic climate changes, resulting huge losses of crops. Drought caused by a hot spell over the past month has hurt rice fields in the region with nearly 100,000 hectares destroyed or partly destroyed. A total of 25,000 hectares of rice was ruined and yields on another 70,000 hectares will drop sharply, the report said, giving no forecast for output losses.

The hot weather hit northern and central provinces from early June. On June 16 state forecasters said the temperature in Hanoi reached an average 34.6, the highest since 1961, leading to a surge in demand for electricity and widespread power cuts. While delta farmers cope with drought, they are also challenged by sea water intrusion, which experts also link to climate change. Over the past 50 years the sea level has already risen by 20 centimeters along Vietnam's coast

Wheat prices have staged the most drastic rise in more than 50 years, as a drought in Russia fuels growing worries that it could lead to a global shortage of the grain. Harsh heat and a lack of rain in Russia have killed half of the crop in some hard-hit areas. The slump in production in one of the world's most fertile breadbaskets has pushed prices up 62% since early June, and last month saw the biggest and fastest increase since 1959.