Look back at the prices of said commodities during 08, we had record crops for every commodity (minus beans) and that really can inhibit a massive rally. Although beans are still much much higher on a ratio and historical basis versus beans and corn.
Sure I do agree with that, but look at the size of the corn and wheat crops. Very strong carry in both markets, hard to mount an earth shattering rally with 160 bushel corn. Some guys in IA got 300 bushel!
I am sure you right, I got no clue about futures ( I am an options trader),but see oil ...inventories are high as they could be and still managed to climb.