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Gartman: Ag Prices Hinge on This

Wednesday, 9 Jan 2013 | 6:07 PM ET
Disconnect Between Gold & Miners
Could commodities go higher because of climate change? Dennis Gartman of The Gartman Letter, offers his 2013 predictions for corn, gold and more; and Rob McEwen, McEwen Mining, explains why gold prices could cross $5,000 by the end of the year, and how the miners are faring.

Agricultural commodity prices will hinge upon rainfall amounts, Dennis Gartman, editor of The Gartman Letter, said Wednesday.

On CNBC's "Fast Money," Gartman said that farmland states would see to need sufficient rain over the spring.

"Let's see what happens in March, April and May," he said.

Earlier in the day on "Squawk Box," Blackstone Advisory Partners Chairman Vice Chairman Byron Wien predicted that climate change would contribute to widespread crop failures and send prices significantly higher.

(Read More: US Stocks Could See a Correction: Wien)

Among Wien's predictions: Corn prices would rise $8 a bushel, wheat to $9 a bushel and cattle to $1.50 per pound.

Wien also expected the S&P 500 to trade down 10 percent to 1,300 and gold to jump to 1,900 an ounce.

Gartman agreed with Wien's bullish call on gold but declined to predict a year-end price.

(Read More: How Dennis Gartman's Playing Gold)

"I have no idea what the number could be on the long side," he said. "The best that you can do is get the trend right."

Gartman also reiterated his bullish position on gold in Japanese yen terms.

Trader disclosure: On Jan. 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long BAC; Karen Finerman is long AAPL CALL SPREADS; Karen Finerman is long AAPL PUT SPREADS; Karen Finerman is long AAPL; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long JCP; Karen Finerman is long M; Karen Finerman is long FINL; Karen Finerman is short SPY; Guy Adami is long Cz Guy Adami is long GS;Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Josh Brown is long AAPL; Josh Brown is long JPM; Josh Brown is long WFC; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLF; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long GOOG; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Dennis Gartman is long CORN; Dennis Gartman is long GOLD; Dennis Gartman is long COPPER; Dennis Gartman is long S&P 500 INDEX; Dennis Gartman is long NAT GAS; Dennis Gartman is short EURO; Dennis Gartman is short YEN; Dennis Gartman is short CRUDE OIL; Dennis Gartman is short US10Y TREASURIES;

For Toni Sacconaghi
Toni Sacconaghi maintains a long position in Seagate Technology (STX); Accounts over which Bernstein and/or their affiliates exercise investment discretion own more than 1% of the outstanding common stock of the following companies HPQ / Hewlett Packard; Bernstein currently makes a market in the following companies DELL / Dell Inc.


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BX
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CORN
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WHEAT
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LV CATTLE
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S&P 500
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GOLD
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USD/JPY
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