Montreal, Canada

The recent rout in most commodities markets should be viewed as a positive event within the context of a secular bull market that remains intact. Overcrowding by speculators made the situation worse leading up to May 2nd combined with tighter margin requirements by the CFTC managed to flush-out the fast-money.

But not all commodities are down in a rough May.

Most agricultural commodities are actually up this month, including corn.

Popular ETNs, like the iPath Dow Jones-UBS Agriculture Index (NYSE-JJA) and the iPath Dow Jones-UBS Grains Index (NYSE-JJG) are flat in May compared to a 6.8% decline for the benchmark CRB Index. The biggest losses this month in raw materials are tied to crude oil, which represents the largest chunk of commodities indices. West Texas crude is down more than 11% in May.