As investors look toward 2026, commodities are quietly re-entering the conversation—not just as inflation hedges, but as drivers of idiosyncratic opportunity in a market shaped by supply constraints, shifting policy signals, and uneven global growth. From protein markets facing multi-year shortages to agricultural commodities showing signs of reversal, the setup across real assets is increasingly nuanced.  

James Cordier, Founder of OptionSpreaders.com, shares his outlook on where commodity markets are headed, why beef may be one of the most underappreciated stories of the coming year, and how investors should think about positioning across agriculture, metals, and broader hard-asset exposures in 2026. 

CM: How would you characterize the overall setup for commodities relative to equities and fixed income? 

JC: 2025 will likely be looked upon as the watershed year when commodities transformed from the wild wild west of investing into a more mainstream consideration for high net-worth investors. To compare the new relationship between real assets equities and bonds, one only needs to understand the rational of the investor. Commodities have often been regarded as an alternative investment in times of grave trouble for the economy or bear markets in equities. That has now been dispelled, as gold prices have reached all-time record highs alongside stocks doing the same.  

The dramatic difference being the performance precious metals have delivered relative to owning stocks. In our opinion, the typical equities annual performance of 6% to 10% will simply not be good enough when measuring against other real assets. When you consider the economic and political landscape as we approach the 2026 election cycle, the chance for a deep correction or perhaps the beginning of a new bear market can seem quite real. As high net-worth investors meet with their money managers, it’s believed that alternative investments will likely command the largest percent of new allocations than ever before. 

CM: Are we entering a new commodity cycle, or is this more of a series of isolated, supply-driven stories? 

JC: While many look to commodities for the first time as an investible asset, those that chose precious metals have certainly been richly rewarded. The big question is, will the dramatic increase seen in gold be a harbinger of things to come for other commodities as it is often thought of. 

Perhaps it could be, but we think analysis of different commodity sectors will predict their own separate courses. Commodities such as sugar, cotton, corn wheat, and soybeans are all currently touting large production surpluses. Understanding these key fundamentals can go along way with keeping you in the long-term bull markets and clear of over-supplied bears markets. 

CM: Where do you see the most interesting opportunities and risks for investors across the protein complex—beef, pork, and poultry—over the next 12–18 months? 

JC: The opportunity still available in protein is likely in the beef market. With the U.S. cattle herd population at a 60-year low and protein enjoying Americans at an all-time high we would look to position in this market with the idea beef prices will remain elevated for quite some time. 

CM: How is the evolving tone from the Federal Reserve influencing commodity markets? 

JC: Certainly, one of the main drivers pushing gold to all-time highs has been frontrunning future U.S. rate cuts; a move that could put more pressure on the dollar. A weak greenback will often create more robust demand for hard assets, and gold should be the beneficiary. 

CM: Why do metals like copper, silver, gold, and platinum remain central to portfolios in 2026? 

JC: AI, data centers, and electric needs will all be a large boon for the likes of silver and copper extending throughout 2026 and beyond. There simply isn’t a replacement for these two key metals to the upcoming build-out and their demand will continue being front and center. 

CM: How do you think about positioning in commodities when the macro path is genuinely two-sided—where both a re-acceleration and a slowdown are plausible outcomes? 

JC: By researching core fundamentals, one can distinguish which commodities have a high probability of performance during a strong economic cycle, as well as a possible slowdown. With so many different possible scenarios later this year, the direction of the economy and equities is in question and having alternative investments prior to these transitions could be key to not chasing the market after the fact. 

CM: For advisors and investors who have been underweight real assets, what practical starting points would you suggest for incorporating commodities and hard assets as part of a broader risk management framework? 

JC: For investment advisers considering getting real assets as part of client portfolios, they will often find both the underlining price and ETF’s a very crowded space. However, instead of continuing FOMO in our opinion it’s not too late to diversify your holdings as this new asset class is likely in just the first few innings. 

We would highly recommend a variety of conservative structures that allow for short-term pullbacks in price and the ability to continue to stay invested in what could be a long-term money-maker. 

CM: How should individual investors think about accessing these themes—futures, options, equities, or ETFs? 

JC: By selecting the correct security investors could certainly prosper in this space, having a great stock-picker will be key. Our commodity portfolios will utilize extremely forward-looking option structures to minimize the downside and enjoy what we think will be an extending bull market. We look for the new 2026 portfolio allocation to contain 60% equities, 30% fixed income, and 10% commodities.