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Monday, May 30, 2011

CNBC says Wheat and Corn crops look bad this season

Look what this article says about this season's wheat and corn crops. 

Dennis Gartman: Wheat, Corn Facing Amber Waves of Pain

Published: Friday, 27 May 2011 | 1:35 PM ET
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Wheat futures [WCV1  819.75  ---  UNCH    ] are up more than 75% over the past year and continued higher Friday on concerns that a perfect storm may be brewing.

Specifically, a drought in Europe and flooding in the U.S. are crushing this year's crop sending supply expectations considerably lower.
819.75  ---
Chicago Board of Trade

”It’s making for bullish conditions in the grain market,” says strategic investor Dennis Gartman.

“The hard red winter wheat crop may not be made at all. Also we may not get corn into the ground in time. And we’re not getting the spring wheat crop planted in time. It’s a perfect storm,” he says.   

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