A commodity rally that powered energy and metals higher over the past year may be ready for its next phase, with agriculture taking the lead. The ALPS CoreCommodity Natural Resources ETF (CCNR ) returned 18.1% year-to-date through March, making it the top performer across the ALPS fund lineup, according to ETF Database. The actively managed fund’s exposure to agriculture infrastructure companies positions it to capture potential gains as technical patterns suggest grains may be breaking out.
Mark Newton at Fundstrat told MarketWatch that corn, wheat, and soybeans are entering a “mean reversion” rally after lagging the broader commodity complex. The strategist said agriculture should be “the next area to rise” within commodities, with grains showing technical chart patterns that historically precede rallies.
CCNR gained 4.1% over the past month, according to ETF Database. The fund tracks a portfolio of up to 350 natural resource companies across energy, metals, and agriculture, using a quantitative process that evaluates corporate fundamentals and commodity relationships.
Natural Resources Positioning
CCNR’s agriculture allocation stood at 21% as of December 31, according to the fund’s factsheet. Energy companies made up the largest share of the portfolio at 40%. Meanwhile, industrial metals make up 28% and precious metals 11%.
Within the agriculture sleeve, the fund’s top holdings as of March 6 included Nutrien Ltd. (NTR) at 0.94%, Corteva Inc. (CTVA) at 0.89%, and Archer-Daniels-Midland Co. (ADM) at 0.39%, according to ETF Database. Nutrien produces fertilizers used in crop production, while Corteva supplies seeds and crop protection products.
Newton’s agriculture call is based on price movements in the Invesco DB Agriculture Fund (DBA ). DBA tracks futures contracts for 10 agricultural commodities. The fund recently pushed above price levels where it had previously struggled to gain ground. That technical signal that often precedes further gains, according to the MarketWatch report. Newton expects DBA to test last year’s highs near $28.49, with a potential move toward $32 later in 2026.
CCNR launched in July 2024 and charges a 0.39% expense ratio, according to the fund’s factsheet. CoreCommodity Management serves as sub-adviser to the fund.
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