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Why Corn prices may have bottomed

Wednesday, October 19, 2016 1:44
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(Before It's News)

Dennis Gartman Blog and News It's time to be a buyer of corn, so maybe it's time to look at the Teucrium Corn Fund(CORN).

If there's one thing in the world you can absolutely count on, it's that year in, year out—as long as the weather is average―we produce more grain every single year than we did the previous year.

Our farmers are the best in the world. Our agricultural universities continue to do a better job at genetically making plants better and more efficient. We apply better types of fertilizer each year than we did before, because the genetically modified crops use less water and use less fertilizer.

We're just better at growing crops. This year, we're going to grow a crop of corn totaling 15.1 to 15.3 billion bushels. It was only 10 years ago that a 12-billion-bushel corn crop was a record crop. Now we're growing 15 billion. Next year, unless the weather gets ugly, we'll grow 15.4 billion.

Corn prices have come down a long way. Everybody knows we're going to produce an all-time record crop and yet, corn doesn't make a new low. One of the oldest rules in the book is that a market that doesn't go down any longer on bearish news isn't going to go down anymore.

That's why I like corn.

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