Dennis Gartman shares best ideas for the 2nd half

Monday marked the last day of trading in the first half of 2014, and according to Dennis Gartman of "The Gartman Letter," traders should look toward the breadbasket in the second half of the year.

On CNBC's "Fast Money" on Monday, Gartman said the latest U.S. Department of Agriculture report signaled a larger than expected crop, which could in turn benefit a number of companies that rely on grains.

"It is going to be a huge corn crop. It's going to be a huge soybean crop. It's going to be a reasonably large wheat crop," he said. "If you are a company whose major input costs are grains, you're going to have a great year."

The USDA Acreage report estimated that soybean planted area was up 11 percent from last year, the highest level on record by more than 7.4 million acres. Corn acreage was estimated to be lower than last year, but it's still on track to be the fifth largest planting in the US since 1944.

Soybean and corn futures both dropped by more than 4 percent in Monday's session.

Gartman named Kellogg and General Mills among his top picks, saying that the companies would benefit not only from lower input costs but also from higher margins due to past price hikes.

"They're going to keep their price increases in effect, but their input costs are going to go down. Therein lies an increase in their margins over the course of the next year," he said.

By CNBC's Michael Newberg