Pretty straightforward podcast this week with all the chat focussed on the agri sector.
Also when the agri-guy from the CBA tells you how he does his steak you take notes. See below.
Firstly the Trade That Paid following Rob Rennie's appearance a few weeks ago was an FMG call spread which was profitable almost instantly and closed promptly after opening.
CNEW continued rallying but has pulled back now with a small profit.
COMM was a dip buying opportunity and really shows how springy the commodities space is.
Colgo started the show with "What's the Story Tobin Gorey" which the more I hear the more I like. I also like the fact Tobin is a super smart "food guy" and also that after a year of hassling Colgo we finally get some genuine agricultural content front row centre!
About 19 minutes in I put it straight to Tobin re what's hot and what's not.
Here's the summary which I'm literally typing as he speaks. As previously mentioned I'm not a dictaphone. If you want clarity listen to the actual podcast. (above)
"Where is the trade?"
Long the crops: grains, oilseeds. Right now, across the spectrum. You lose much crop at all this year you're in the Red Zone (re inventory)
The one that doesn't impress me much is cotton it still has....25% more inventory than normal. Could be a chance in 2022 season. It'll get flow from softs allocation.
There is a price gap between finished cattle and young cattle globally.
Corn is also mentioned a bit.
Again this can be traded via the COMM ETF in London which has an allocation to agriculture.
More specifically JJG trading in the US is the iPath Grains Subindex ETF. Maybe a little much for the newbie so handle with care.
I prefer COMM because it's got the energy and industrial metals side of it. Either that or let's start talking about a bear spread on cotton futures. (if you see me start to do this please tell an adult I need help)
As for steak recipe, here we go.
Tobin:
Gotta have steak and shiraz. Go to the butcher because the stuff on the shelves at the big names is getting thinner & thiner over time.
Thick steak
Bring it to room temp
Paper towel to soak the moisture
BBQ on "nuclear hot"
Brush steak with olive oil both sides
Seasoning is post op
The time it takes to warm plates is the cooking time
One flip 2.5-3 minutes a side
Rare
Sauted shallots/mushrooms
Plenty of S&P post-cook
Clare Valley Shiraz
Down the hatch
Colgo Steak Recipe:
2 sprigs of fine chopped rosemary & run meat in that
Sandwich with dijon mustard
down the hatch quick because that bad boy is falling apart pretty quickly
Jimmy James Steak Recipe:
S&P on the room temp meat
200 celsius
45 seconds a turn-4 turns (trust me)
1-2 minutes in foil
down the hatch
How do you do it?
All the best,
James
James Whelan | Investment Manager
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