Wednesday, November 19, 2008

This is perilously close to "happy talk"... 

But what the hey - it made me feel better for a moment.
"Agricultural commodities are best placed to outperform," JPMorgan said.

"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]
We start defensively looking for news we want to hear, but this rare note of relative optimism came unsolicited by a relatively neutral observer.

It must be true!  It came from an investment banker.

(Just ruined the mood, didn't I?)

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