Dennis Gartman's favorite commodity pick right now isn't gold, crude oil or copper. In fact, it's something much more edible.
"Corn looks like it's made its lows," Gartman said on Thursday's episode of "Futures Now." "If you have to buy something, go buy some corn."
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It's been a long road down for corn futures, which hit a high of $8.49 per bushel in August 2012, and got close to $4.00 in January 2014. But the grain has bounced off of that low, adding 12 percent in the following month and a half.
In fact, on the very day corn hit its intraday low, it jumped 5 percent higher on the USDA corn production forecast, in which the agency cut its forecast of 2013 corn production from 13.989 billion bushels to 13.925 billion bushels.
"Corn, if you look at it—the news has been, or was, egregiously bearish, and yet corn didn't make a new low," said Gartman, who is the editor and publisher of the Gartman Letter. "Corn actually, on the day of a very bearish crop report, opened limit down, closed limit up. That's the kind of activity that makes a bottom."
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So while Gartman added that he's "not at all bullish of the wheat market," he says his best idea right now is to buy corn "at the market," meaning at current prices.