Certainly, when there is no shortage, why to bother, right? Human nature... A lot of people like fried food, well guess where some of that oil comes from?
From the fundamental side, if starts hitting higher levels, then we can expect that to have a direct effect on the commodity sector. Logical.
Some reports say, that Hedge Funds are starting to change their outlook on agriculture to a more . Positions are being taken slowly, as everyone is still trying to squeeze everything out of equities.
The world's biggest suppliers are situated in the North and South America. We didn't have any serious cataclysms, affecting the crops for quite a while. And we all know that these things tend to happen.
From the technical side, we can see that the chart is forming a triangle and at the same time, a potential squeeze is developing. My view is that this triangle will get broken and we will see some good moves. I believe in the upside. Will that be the case? Can't say for sure. But we are all in this speculative game.
My target for now is 10, which is close to 200 MA, that might get broken, if the price get's closer to it.
Take care and keep an eye on the price action!