Commodities are still the best play for the long term, legendary investor Jim Rogers told CNBC, confessing that he has been buying farmland himself. "We're still going to eat, probably; we're still going to wear clothes, probably. Farmers cannot get loans for fertilizers right now. So the supplies of everything are going to continue to be under pressure," Rogers said.

He is the director of two funds  - one which is buying greenfield land in Brazil and another, Agcapita, which is buying existing farms in Canada.

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