2009 with Soybeans showing the best return, Corn
being flat and Wheat showing a decline. The weather
played a very big part in these performances as good
growing conditions in the U.S held the price of Corn
and Wheat under control while a drought in Argentina
led to a reduction in their output and subsequent
upside pressure on prices.
The price of corn is expected to perform well into 2010
despite a near record output in 2009. This expecta-
tion is driven by the continued increase in demand
for ethanol as a way of reducing the dependency on
fossil fuel. Adding to this a recovery in feed demand
and only a small increase in the planted acreage prices
should be well supported. We target 460 cents/bushel
in one year.
Wheat prices are expected to remain subdued relatively
as a combination of high inventories and slow demand
should keep the market ample supplied over the coming
year. On this assumption we could see the corn to
wheat ratio continue to climb higher from the current
level at 0.75 potentially targeting 0.90. Wheat does
not enjoy the support from emerging markets demand
and do not have any ethanol exposure. We target 550
cents/bushel in one year.
The impact from the weather should not be ignored as
2009 showed how agricultural prices were held hostage
to adverse weather various places on the planet.
Sugar rallied to multi-year highs on a combination of
delayed rain in India, the world’s largest consumer and
too much rain in Argentina the world’s largest producer.
The weather also had an adverse impact on the
price of rice which began to climb as the Philippines
had to import large quantities due to weather related
drop in domestic production.
. El tipo es como "el Dr. Hernán Deseme, psicólogo y psicópata" genial que interpreta Capusotto (del programa que tiene en radio) y que te lleva al suicidio en un ratito y con un par de consejitos que te deprimen tanto que no te deja otra opción....