You don't really need to dig too deep into the Canadian stock market to unearth deep-value plays right here. Undoubtedly, the TSX Index is having its much-awaited breakout moment. And for Canadians, it's an exciting time to start thinking about putting new money into some TSX stocks. Indeed, the bank stocks, especially those that recently flirted with multi-year lows, are really starting to show signs of life again, especially in the past few weeks.

Additionally, many commodities plays are starting to pick up the slack for the summer. The big question is whether some of the commodity heavyweights have what it takes to sustain a recovery rally. The value looks to be there, with shares of some well-run miners feeling down over the recent slip in various commodity prices. Indeed, volatility is just a given if you're going to bet on shares of a top-tier miner.

The good news is that the following firms seem overly punished and perhaps due for a correction to the upside at some point down the line. So, whether or not recent action is the start of a bullish uptrend, the following commodity plays seem like great value options for investors looking to unearth a high-value gem.

Without further ado, let's check out shares of agricultural commodity â think potash and the like â producer Nutrien (TSX:NTR) and shining gold miner Barrick Gold (TSX:ABX). Apart from being deeply discounted going into late July, each name has very bountiful dividend yields of 4.3% and 2.2%, respectively, at the time of writing.

Nutrien

Nutrien is a fantastic fertilizer producer that's been in a decline ever since shares nosedived back in the middle of 2022. Indeed, NTR stock is down just over 50% from its peak, essentially wiping out most of the gains enjoyed in the 2021-22 rally. Though industry dynamics aren't as great, I continue to view Nutrien as one of the most efficient operators in the world.

Additionally, Nutrien may be one of the commodity plays to nibble your way into while it's in a cyclical funk. Indeed, the tables will eventually turn, but when they do, the price of admission into the name would probably have gone up â way up.

At writing, NTR stock goes for 12.5 times forward price to earnings (P/E), not at all a high price to pay for a commodity king among men. Further, the dividend yield looks well-covered and ripe to grow further despite recent industry challenges.

Barrick Gold

Barrick Gold is a great way to ride the gold wave higher as the battle against inflation winds down. Indeed, the miner recently clocked in higher production for gold and copper. With the firm poised to hit 2024 targets, investors may wish to have a closer look at the name, especially as the rally in gold prices slips a bit.

Shares of ABX are down close to 4% on the back of recent gold weakness. I view the dip as a terrific buying opportunity for investors seeking a dividend-paying, leveraged way to bet on gold and its ability to retain its lustre in the second half of 2024. Even if Barrick takes a hit from here, you're getting a great dividend and added diversification for your portfolio while you wait.

The post Unearthing Incredible Value: 2 Dirt-Cheap Commodity Stocks That Demand Attention Today appeared first on The Motley Fool Canada.