Nice find Max ... you could safely assume the trend expressed here will be the same trends that will be expressed all around the world.
The one thing with cotton is that there is evidence of reduced consumption however whether you are buying the latest fashion or not, you still need clothes of one sort or another. I tend to think consumption of cotton will be fine long term. Oil substitutes skyrocketing.
Sugar to me looks to be undervalued. Sugar beet sowings down in the US and Europe. Corn prices likely to surge on reduced plantings (corn syrup to rise). Oil prices sky high. Sugarcane area swinging to rice. I actually can't find anything negative for the long term price prosects of sugar.
Not sure about you Max but I am definately not buying the front months. Back months look the best purely from a tax perspective. Eg October 08 sugar as opposed to anything this side of June 30.
