ETFs indexed to corn and grain prices are the best-performing commodity funds over the past month on droughts driven by a record heat wave in the Midwest.
“We are seeing what is shaping up to be the worst drought in nearly two decades hitting the corn belt, which is spurring speculation as to what is going to happen to yields and the overall production outlook,” Michael Creed, agribusiness economist at National Australia Bank, said in a Reuters report.
Other agriculture-related funds breaking out on the drought include ELEMENTS MLCX Grains ETN (GRU - News), iPath Pure Beta Grains ETN (WEET - News), iPath Pure Beat Agriculture ETN (DIRT - News), Teucrium Wheat Fund (WEAT - News) and Teucrium Soybean Fund (SOYB - News). [ETF Chart of the Day: Soybeans]
Teucrium Corn Fund
iPath Dow Jones-UBS Grains ETN