Economist Gartman Recommends Buying Wheat as Corn a Sell
This article is for subscribers only.
Economist Dennis Gartman said he recommends buying wheat contracts in Kansas City and Chicago, and selling corn.
Wheat may rise relative to corn because of possible damage to wheat crops in Ukraine and Russia, after a cold snap in the past winter and recent dry weather, he wrote today in his daily Gartman Letter. Wheat futures touched an eight-month high on the Chicago Board of Trade on May 21 before retreating, leaving the most-active contract little changed this month. Kansas City Board of Trade wheat gained about 1.6 percent in May, while corn tumbled 12 percent on the outlook for rising supplies.