If you were a hard asset investor last year, you'd have been better off owning equity interests in producers and processors rather than the commodities themselves. In 2009, for example, the Market Vectors RVE Hard Assets Producers ETF (NYSE Arca: HAP)—an index-based portfolio comprising more than 300 global firms' stocks in the energy, agriculture, metals and forest products sectors—racked up a 41.5 percent gain, grossly outperforming the GreenHaven Continuous Commodity Index Fund (NYSE Arca: GCC). GCC, which tracks an equal-weighted index of 17 U.S.-traded commodity futures, gained 20.1 percent in 2009.

As a child, I remember being very careful to wear green on St. Patrick's Day to avoid pinches from schoolmates. Investors in greenery this year have managed to avoid some financial pain themselves.

Earlier this week ("Add Soft Wheat To Your Hard Asset List"), we noted bottoming action and bullish seasonality in Chicago wheat futures bolstering the price of the iPath Dow Jones-UBS Grains Subindex Total Return ETN (NYSE Arca: JJG).

• Why do returns between ETFs, ETNs and trusts differ?
• Rankings of 12 different commodities
• What a difference contango makes

Every thing has its season, according to the lyrics in the Byrds' famous tune, "Turn, Turn, Turn." It's doubtful the folk rock band thought their trademark song would ever become an anthem for investment cyclicality, but it is appropriate background music for today's market.

• The reason for the new report
• COT vs. DCOT explained
• What did the first report reveal?

• Small speculators as 'afterthoughts'
• Hedgers vs. speculators in the 2007-08 oil run-up
• When to listen to retail traders

Investors, rather than traders, have had the advantage in the commodities markets this year. Largely, that's because stockholders can outlast highly leveraged futures traders while waiting for a trend to develop. Of course, you can always use an exchange-traded fund (ETF) as a proxy for futures to insulate yourself from margin calls.

Wanna make a quick half-cent? Then take a look at October sugar.

• What it’s really like on the trading floor
• Weaker dollar a major factor in softs market
• Floor traders opposed to enhanced speculation

In case you haven't noticed, several commodities have swung to a bullish mode now, particularly RBOB gasoline, the soybean complex and corn. Less well-developed are the trends in the petroleum complex, softs such as coffee, sugar and orange juice, feeder cattle and wheat.

Ah, those were the days, weren't they?

Remember last year's heady rise in commodity prices? Do you also recall the cacophony of catcalls that accompanied it? Citizens and industry participants alike wanted to put so-called "index speculators" to the lash for heedlessly snatching up futures contracts and running up prices. At least, that was the story being told to Congress (see "Congress Blames Index Speculators").

Last week, the futures regulator, the U.S. Commodity Futures Trading Commission, started soliciting nominations for a new subcommittee charged with examining the causes of poor cash-futures convergence in some agricultural commodity markets.

• Aggressive policy response
• Postponing the inevitable?
• Investors voting with their feet

• The real definition of inflation
• Commodities as an inflation driver?
• Commodity investments as an inflation hedge?

• 'Doom and Gloom' redux
• Capitalism vs. (over)regulation
• Paradox of thrift … or Keynesian myth?