There is an old saying that claims everything that goes around will come around. This is one way of describing a cycle, and the commodity business and markets are notoriously cyclical. As the 21st century began, commodities were promoted from being vehicles for speculation to the supposedly higher status of an asset class. Academic papers were written describing the inverted relationship between equity market value movement and commodity price trends. Investment theorists declared that commodities deserved to be in investment portfolios for purposes of diversity because they provided something of a hedge against adverse movement of equities values. This advice was followed by managers of a number of pension funds, foundations and college en...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, Energy, North America, Macroeconomics