Agricultural commodities have outperformed energy as well as industrial metals in the second quarter, but not all ags are alike. Which sectors now hold the most opportunity for investors?

Amid all the tumult that sent stocks tumbling yesterday, some investors missed a big story. Corn prices gapped up more than 29 cents a bushel, or 9 percent, Wednesday. Chicago wheat was taken along for the ride, climbing 25 cents, or nearly 6 percent, but not soybeans. Beans rallied along with the grains, but gave up at the end of the day to settle down more than 2 cents.

Gold's new nominal highs against the greenback made headlines this week, but nobody (well, nobody outside the ag community, anyway) devoted banner space to previously skyrocketing hog prices. This spring, livestock gained ground and rose to new highs for the decade while gold dithered in a consolidation phase.

There's an old adage that says it's darkest just before the dawn. That nostrum could be extended to the commodities markets.

• Why current stockpiles make wheat the ‘stepchild of grains’
• How farmland is a contrarian play
• Why generic seeds aren’t  such a great deal

• Why snow won't necessarily stop the harvest
• Will corn prices keep going up?
• Which ETPs have corn exposure?

• Where she’s looking for farmland now
• Ethanol's ‘white elephant in the room’
• Which technology could change the ag markets forever

Stocks fell overnight as commodity companies declined on weaker oil and metals prices. Six hours ahead of the COMEX opening, spot gold was slumping nearly $5 an ounce at $954.60. Gold was later fixed in London at $946.50 and, by the time the New York floor session opened, spot month metal had lopped more than $13 off its Friday settlement value.