Why Ag Is Not Too Expensive By Markos Kaminis About this article: There is a significant difference between the variations of food prices today and changes of the past. Because of this difference, which is the today's secular price change vs. prior seasonal variation, the expansion of price-over earnings (P/E) ratios and current valuations of some agricultural stocks such as Monsanto are justified. "Core" figures for the producer and consumer price indices assuage the volatility and perceived insignificance of short-term fluctuations of food and energy prices. Recall that the "core" figure excludes changes in food and energy, and the Federal Reserve has relied on it to gauge inflation. But the times, they are a-changing. Following Alan Greenspan's recent concern (and the Greek's warnings if you have been reading my blog from the beginning of the year), the Fed will provide forecasts for inflation, including the headline figure. The new venture begins today and highlights the significance of changing marketplaces... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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