Cotton

Cotton is a key agricultural commodity, used in many aspects of modern life from clothing to bedding to upholstery. After making a new all time low of 13.5 mg/lb in 2009, cotton went on a tear in 2010, easily punching through resistance at 30 mg/lb, and more than tripling in value.

But looking back at the big picture, cotton is still cheap. It's old highs of 250 mg/lb are more than 6 times the current price! And cotton would need to almost double in price from here just to get back to it's average for the last 30 years.