Agricultural commodities have proved significantly more popular than energy among buyers of exchange-traded products, despite the high-profile threats to oil supplies and Japan's nuclear reactor crisis.
Exchange-traded commodities and funds saw inflows of more than $600m in March, the fifth successive monthly increase, analysis by Societe Generale showed.
However, investors pared exposure to exchange-traded energy products by more than $500m, despite the month bringing continued tensions in the Middle East and North Africa, which bought New York oil prices to a two-year high during the month.
March also witnessed the Japanese earthquake and tsunami which, in leaving the Fukushima nuclear plant leaking radiation, provoked expectations of an improvement in demand for gas as a power source, lifting natural gas futures too.
For more, see: Crops more popular than energy among investors