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Hurricane Season: Protect Portfolio From Unpredictable

Storm season begins June 1st in the Atlantic. And if last year is any indication, the damage could be significant.

According to the website TheDailyGreen , "Last year, the Atlantic saw 16 named tropical storms -- from Arthur on May 30, which killed five and caused $78 million in damages to Belize, to Hurricane Paloma, which formed Nov. 5 and struck Cuba as a Category 4 monster that was the second-most intense hurricane ever recorded in November. "

All in all, there were eight Atlantic hurricanes and storms caused an estimated $41 billion in damages.

This year might be even worse. Famed Colorado State University hurricane forecaster Bill Gray predicts about 12 storm and says at least two will probably reach Category 3 status or higher.

How can you protect your portfolio for the unpredictable?

According to Emily French, Consiliagra managing director, get into commodities futures now ahead of the volatile summer season. She thinks too much rain -- or too little rain -- will wreak havoc with crops. French suggests looking at the November Soy Futures as well as the December Corn Futures.

Or if you’re not comfortable trading bushels of corn or beans, she also says the Powershares DB Agriculture Fund will get the job done.

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Trader disclosure: On May 29TH, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Grasso Owns (AMZN), (CSCO), (RIMM), (V), (KLF); Stuart Frankel Clients Own (SUN), (YHOO), (AAPL), (AMD) ,(BAC) ,(BHI) ,(BP), (C), (COP) ,(CVX) ,(F) ,(GS) ,(HAL) ,(PFE) ,(SLB) ,(SUN) ,(USO) ,(VLO) ,(WFC) ,(USB) ,(PBR), (JPM), (LMT), (GD), (AET), (GM); Finerman's Firm Owns (MRO); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Finerman's Firm And Finerman Own (BAC) Preferred Shares And Are Short (BAC); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Najarian Owns (PFE); Najarian Owns (BP) Call Spread; Najarian Owns (CLF) Call Spread; Najarian Owns (FCX) Call Spread; Najarian Owns (HIG) Put Spread; Najarian Owns (XHB) Call Spread; Najarian Owns (PCU) Calls; Finerman's Firm Owns (IBB), (XBI), (CSCO), Finerman's Firm And Finerman Own (FLS); Finerman's Firm Owns (BWA) Puts

Terranova Owns (XBI), (ABT), (RIMM), (HES), (TER), (BTU), (MS), (JPM), (MS), (HES); Terranova Is Short (XOM) Call Spreads; Terranova Owns (DIS) Call Spreads: Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO: Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Virtus Investment Partners Owns More Than 1% Of (ABD),(ARE),(CAL),(DLR),(EPR),(EXR),(IGE),(MEE),(DBC),(DBV),(DBA),(SKT),(UA),(CLB), (WBMD); Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights