The secular bull market in commodities is alive and well. Two asset classes that tend to move in opposite directions during a 17 year cycle. As equities started their secular bull market from inflation adjusted lows in 1982, commodities peaked. The chart above is a comparison of the way stocks started their bull run, compared to the way commodities have started theirs up to to the current time frame.
In my opinion, the 1987 crash in the stock market, which was due to forced liquidation, reassembles the 2008 crash in commodities, which was also due to forced liquidation. As stocks rallied into the bubble parabola of 2000s, the 1987 crash looked just like a little blip. I assume that the same outcome will occur to commodities within the next 5 to 10 years.
The chart above shows the return for various commodities, which are part of the CRB Index, since June 2010 lows. Agriculture had the most powerful move since those lows, and still remains very depressed from historical perspective.