Wheat, soybeans and some ag stocks traded lower Friday ahead of next week’s USDA report. Will the planting survey due out Monday mark the top of the record run in soft commodities?
Strategic investor Dennis Gartman, author of the Gartman Letter, joins the panel for this conversation. Following is a summary of his main points.
- Monday's USDA crop report probably will not mark the top of soft commodities rally
- Wheat and soybeans may have seen their tops -- but corn and cotton probably have not
- An equally important factor is how much delay is taking place in field work because of the amount of rain that’s fallen.
- If there are further delays in field work, some prospective corn acreage may switch into soybeans -- because farmers can plant beans later and still harvest before frost, but corn can not be delayed this easily
How do you recommend trading?