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If you live in the middle part of the nation, you already know that 100 degree temperatures have blanketed much of the region. Chicago may have a high of 101 degrees by June 28 and St. Louis may reach 104 the next day, according to the National Weather ServiceAnd those temperatures aren’t only uncomfortable, they could wreak havoc on your portfolio.That’s largely because the heat and lack of rain could turn the corn crop -- well, on its ear!
“We thought the crop was in great shape – what looked like an absolutely huge corn crop is quickly diminishing,” explains strategic investor Dennis Gartman, author of the Gartman Letter.
And a smaller corn crop, in turn, sends ripples across a range of industries because corn is used in products ranging from candy and ice cream to renewable fuels.“For example, "it will certainly cause trouble for cattle producers, for sure,” says strategic investor Dennis Gartman. In turn that would be a problem for meat processors and related stocks.
Charles Neivert, managing director at Dahlman Rose, says higher corn prices sends fertilizer stocks higher. “Ferts trade in tandem with corn prices and a smaller corn crop will send corn prices much higher.”
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