But what the hey - it made me feel better for a moment.
"Agricultural commodities are best placed to outperform," JPMorgan said.We start defensively looking for news we want to hear, but this rare note of relative optimism came unsolicited by a relatively neutral observer.
"Having reached record levels earlier this year, agricultural prices joined the rest of the commodity space in precipitous decline, but we believe several important characteristics suggest above-average price levels for corn and soybeans during the coming year."
It expects corn prices to average $4.20 (U.S.) a bushel in the fourth quarter, and rise to an average of almost $5 next year. It sees soybeans rising from $9.40 a bushel this quarter to just over $10.70 in 2009. [More]
It must be true! It came from an investment banker.
(Just ruined the mood, didn't I?)