The Commodity Supercycle Is Back: The Macro Shift That Could Reshape Markets

In this episode of Milk Road Macro, we sit down with veteran commodities trader Sal Gilbertie to break down why real assets are gaining attention in 2026, how geopolitics and trade wars are reshaping supply chains, and what investors need to know about agriculture, energy, metals, and digital assets. We explore how China’s massive demand for soybeans influences global food prices, why agricultural commodities often trade near their cost of production, and how drought cycles can trigger explosive price spikes. We also dive into the energy implications of AI, the long-term outlook for oil, copper, and silver, and whether commodities could outperform stocks in the years ahead.