CRB looks to be breaking down which is pretty troubling in the face of simultaneous expansion by all the world's major central banks.
IMVHO, grains have the best fundamentals of the lot but will be influenced by a broad risk sell-off.
It will probably be tolerated for a while in order to shuck some price off oil but the potential for over reaction seems to be present. For now, remaining hedged seems a good bet but it will be a hard call if we get a decent sell off. Maybe there will be a point where sell off has been deep enough that protective calls can be purchased against hedges at a reasonable price.
That is all speculation at this point, we shall see.