What is the big picture for these authors? Are China and the U.S. trading places, so that China will have a middle class and the U.S. won’t? No. What is happening is a bit more subtle than that.
Given reasonable assumptions, one might expect that those investing in commingled products offering exposure to agriculture would take part in both good investment returns and diversification benefits. Alas, though, GFIA found no such thing, and considers the possibility that agriculture as an asset class has decoupled from fundamentals.