"All things being equal, China is still the underlying instrument," Dennis Gartman, editor of the Gartman Letter, said on "Squawk Box."
"Throw on top of that the problems of ethanol, then you've got a perfect storm."
Moreover, he doubted that the engine driving the surge in grains is completely based on speculation. He said that unlike metals, there are no major exchange-traded funds that have flooded the grains market and made them less desirable investments.
He marveled at some of the commodity moves. Corn has moved from $2 a bushel a year ago to nearly $5.70 a bushel. Spring wheat has surged from $3.50 to about $25.00, while hard,red winter wheat has moved from $3.50 to $12.50.
"You've had moves that you've never seen before and likely never will see again," Gartman said.
Those moves are likely to continue as countries around the world continue to grow and demand US products to make their goods.
"I just think what's happening overall is because of the growing emerging nations of the world, who are now demanding refrigerators and TVs and cars -- the good life," said Greg McCoach, president of the Mining Speculator newsletter. "We're in a commodities cycle that's going to last for a decade or more."
McCoach sees no end in sight for the rise in gold and other metals. As the dollar continues to fall, the credit crunch continues and demand for hedge moves like gold increases, the prices of the metals could move to stratospheric heights.
"I maintain that the best way to protect yourself is to put 5 to 10 percent of your liquid net worth and take physical gold," McCoach said. "I think there's going to be a lot of paper promises that just disintegrate. Stock markets are going to be trending lower, not higher. Owning physical metals represents insurance against that."