TITN is getting poleaxed because corn has been eliminated from the American diet, thanks to the catastrophic weather patterns this summer. The time to be long ag, based upon expensive corn prices, is over. Now we have to deal with the after-effects, which is onerous to the ag industry. The illusion, for lack of a better word, is finished. It’s time for reality to set in.
However, as one illusion dissipates, another emerges.
The protein trade is alive and well. My favorites are PPC, SAFM and SFD. The headline risk of surging corn is behind us. Now we can transfix on Thanksgiving and the fat, gluttonous nature of this country.
PPC for the win, fuckers.
The market is weak, but nothing too hysterical. Until there is some news for the bears to chew on, expect markets to grind higher.
Top picks: PPC, CVO, TC, VHC