More on Rice

This article in the Financial Times is very brief but says all that it needs to: rice traders are panicking. And why wouldn't we? I sold all of my contracts this morning because any buying up on a frenzy is likely to end in the same fashion. Even if all of this increase in cost is rooted in fundamental analysis and there really isn't enough to go around and this increases the price of rice, there's just something about the manner in which this is happening that smells of nasty correction. I'm not alone. While watching Fast Money on CNBC earlier this week, Dennis Gartman stated that he doesn't want any part of it either. He's focusing in on energy right now, and I for one tend to agree with him, not that it takes a lot of guts to agree with a bright guy like that, but for what it's worth, rice will likely tumble back to earth and land with a thud.