"The latest commodity flow numbers is catch-up with previous positive trends," Brandt said. "People are moving into them based on a string of relatively positive numbers. Whether those will continue to carry weight is a little more questionable."
While Goldman forecasts more gains, the bank lowered its 12-month prediction for commodity returns to 12 percent from 15 percent after prices rallied, analysts led Jeffrey Currie said in a report on Feb. 22.
Economy at Risk
Crude oil exceeded $109 a barrel for the first time in almost 10 months on Feb. 24 and last traded at $109.03. Higher energy costs may put the U.S. recovery at risk, David Rosenberg, the chief economist at Gluskin Sheff & Associates Inc., said last week in a radio interview on "Bloomberg Surveillance" with Tom Keene and Ken Prewitt.
The U.S. will probably grow 2.2 percent this year, up from 1.7 percent in 2011, according to the median of 79 economist estimates compiled by Bloomberg. Applications for jobless benefits in the week ended Feb. 18 held at a four-year low, Labor Department figures showed on Feb. 23.
Money managers lifted their bullish crude bets by 11 percent to 259,162 contracts, the CFTC data show. That's the highest since May 3.
Gold Bets
Bullish gold wagers climbed 9.9 percent to 179,132 contracts, the highest since Sept. 13, the government said. Holdings in exchange-traded funds backed by the metal rose to a record 2,396.9 metric tons on Feb. 24, data compiled by Bloomberg show.
A measure of 11 U.S. farm goods showed speculators increased bullish wagers by 6.6 percent to 483,576, the highest since the week ended Nov. 8. Soybean holdings rose 20 percent to 96,971, the third straight gain and the highest since Sept. 20. Bets on rising cattle prices advanced 11 percent to 97,506 contracts, a 14-week high.
U.S. soybean inventories before the 2013 harvest may drop 25 percent as exports climb to a record, the Department of Agriculture said in a report on Feb. 24.
Cattle futures extended a rally to an all-time high of $1.315 a pound on Feb. 22 in Chicago. U.S. feedlots trimmed purchases of young cattle more than forecast last month as fewer animals were available for sale because of a shrinking herd, the government said Feb. 24.
"Investors are feeling better about the economy," said Steve Shafer, the chief investment officer at Oklahoma City- based Covenant Global Investors, which has about $315 million in assets under management. "You've got supply constraints with a rising appetite. That creates a supply-demand gap that results in higher prices."