A global recession can drive commodities prices down, but all the hungry people in the developing world eventually push them back up.
That’s what commodities traders are telling Jason Trennert these days. “You’ve got billions of people consuming their fair share of protein and energy, and billions more wanting to do the same,” notes Trennert, chief investment strategist at Strategas Research Partners in New York. He points out that China and India have hundreds of millions of people on grain-based diets who are demanding more and better food,...