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Dicker: Buy Corn on the Dip

NEW YORK (TheStreet) -- I was talking with Jim Cramer today about corn prices, which have had a recent drop, falling on a very bearish crop report on Friday. While this puts corn prices again under $7 a bushel, I don't believe this represents the start of a new bear market in corn. In fact, I'm more apt to buy.

Corn has been the victim of a horrific drought that brought prices to a screaming high above $8 a bushel late last year. While the effects of the drought continue, the U.S. Department of Agriculture has reported that a record crop of corn has been planted. Whether that record crop will see itself to harvest is a great question, as well as what we know are increasing demand profiles all around the world.

Add to this the indisputable correlation of corn futures prices with oil futures prices, connected solidly through ethanol, and my belief that a significant drop in oil prices is unlikely and you've got less of a reason to believe that we're on the cusp of a new corn bear market.

I talk more about corn with Jim in the video above.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Dan Dicker has been a floor trader at the New York Mercantile Exchange with more than 25 years of oil trading experience. He is a licensed commodities trade adviser.

Dan is currently President of MercBloc LLC, a wealth management firm and is the author of "Oil's Endless Bid," published in March of 2011 by John Wiley and Sons.

Dan Dicker has appeared as an energy analyst since 2002 with all the major financial news networks. He has lent his expertise in hundreds of live radio and television broadcasts on CNBC, Bloomberg US and UK and CNNfn.

Dan obtained a bachelor of arts degree from the State University of New York at Stony Brook in 1982.

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