Looking at commodity play

I have been studying Noble Group Limited, a Singapore listed commodities company which price is near 3-year lows, and at approx. 0.9 price per book. However, the current P/E ratio (ttm) is quite high at 19.4 due to weak commodities prices; in particular, the revenue from agricultural sector has taken hit. Again, I am unable to predict if the agricultural bulls are correct, but recently metals have been given some support with China's recovery. If the world's population is consuming more, why aren't sugars, coffee, tea etc rising in price? Again I am unable to see through the complexities, and it will be greatly appreciated if any informed investors out there can leave a comment or two here of their views. I will continue to monitor this stock, but will not hasten to take up position since the current P/E ratio is rather high. I will keep a look-out for the commodities market, and then if conditions are favorable, may invest about 10% of my capital into this stock.