South of Wall Street
Rosenberg's note today mentioned the global bull market in agriculture. Which,as I recall, was becoming an issue pre-lehman. Inflation is just about the only thing stopping food prices from levitating once again. Trade balances, supply constraints, changing weather patterns, and emerging market demand continue to support a structural bull market. Hugh Hendry commented back in 2010 (below) that unless there was a major recession in Asia, pressure on pricing
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