He points out that cash prices have stayed high, even as futures started to come down at the end of last month, and that most of the cotton is out of the warehouses.

Goldman joins Morgan Stanley, Nomura Holdings Inc. and Royal Bank of Scotland Group Plc in raising forecasts for iron ore prices this month after cash prices for the steelmaking raw material jumped.

Of these loans, we assume that about 2/3 will benefit from rising land prices or cash flows from completed projects already under construction.