The market has very low inflation expectations. This is a chart of 15 year TIPS over bonds of the same duration, and it's still in a downtrend. As soon as downtrend reverses, it's probably a good idea to go long commodities.
(I'm sure there are better ways to chart this, but this is what I came up with)
(I'm sure there are better ways to chart this, but this is what I came up with)