Do Commodities Have a Risk Premium?

If I had to choose, I would go stocks, long treasuries, trend, then commodities. Do commodities have a risk premium? Or should you expect there to be zero risk premium associated with them? And the literature is very mixed on all of us. Even on like the quantity carry side, there's some people who say, yep, there's a great premium to be harvested there because there's people who want a hedge. There's other people who says, nope, it doesn't exist. Spot commodity has no risk premium. It delivers returns commensurate with inflation. Futures, long only futures allocation commodities, does produce a sharp ratio of a long term.