Commodities ETPs were the best performing funds in the past week, with strategies tapping into everything from agricultural product such as corn and soybeans to energy all over IndexUniverse's top performers list for the week. Drought-like weather drove the rally.

Relentless excessive heat and dryness across much of the U.S. grain belt propelled corn and soybean futures prices to near-record or outright record highs in the week ended Thursday, July 19. Exchange-traded products linked to those futures went along for the ride too.

ETNs from iPath and Elements were particularly prominent this week, as eight out of the top 10 funds in this week's tally of performance were offerings from one company or the other.

The iPath Dow Jones UBS Grains Total Return ETN (NYSEArca: JJG) was one of three iPath agriculture-focused ETNs to make into the best performers list, and it was the single best performing strategy in the past five days.

The fund saw gains of 10 percent in the past Thursday-to-Thursday period. It now has assets of $195.25 million.

The heat was also a supportive factor for energy-focused strategies because demand for natural gas increases when people are looking to cool down their homes with electricity-intensive air conditioners. As natural gas futures prices rallied, two iPath energy-linked ETNs such as the iPath Dow Jones-UBS Energy Total Return ETN (NYSEArca: JJE) rallied too. JJE rose 8.33 percent.

Two United States Commodity Funds' oil ETFs were the only exchange-traded funds to make this week's list, again supported by rising energy values. The United States Oil Fund (NYSEArca: USO) gained 7.58 percent with more than 39.8 million shares trading hands--that's an average daily trading volume of nearly 8 million shares.

The price gains in commodities funds came in tandem with a recovery in the broad stock market. The Dow Jones industrial average tagged on more than 370 points in the five-day period, ending Thursday 2.9 percent higher than a week earlier.

Biggest Losers

On the flip side, the ETRACS CMCI Livestock Total Return ETN (NYSEArca: UBC) was one of the week's worst performers, shedding 4.22 percent in value as the market priced in expectations that livestock producers will face higher corn feed prices.

The United States Metals Index Fund (NYSEArca: USMI) was also among the week's bottom performers, giving up 10.83 percent in value. The fund has only $3.69 million in total assets.

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.