Again, it’s reasonable to suspect that Wall Street drove the most recent cotton bubble and I don’t doubt there has been a surge in speculators in cotton, as there has been in other commodities. But this piece doesn’t prove it.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.