Corn & Wheat Prices Destroyed: Buying Opportunity?

It has been a horrible few months for the agriculture grains. Corn has been in free fall for weeks (down over 30% since April) while wheat has also been slammed. Corn is now selling for $3.68 a bushel. It costs $4.50 to $5.00 to grow a bushel of corn when you include tractor fuel, seeds and inputs such as fertilizers and herbicides. Farmers have an oversupply of corn and they are switching more of their crop to soybeans.

I am buying corn and wheat right now (symbols CORN & WEAT). With 7 billion hungry people on the planet, and the population of the earth growing exponentially, I think it is possible that the price of a bushel of corn will move above the cost to produce it at some point over the next few years. Prices can (and probably will) go lower in the short term because sentiment is at extreme lows and the traders are pummeling the price daily on the exchange.
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The following is an interview last night with with Marc Faber on CNBC who is bullish on agriculture and sees relative value in Chinese and Hong Kong shares in relation to other stock markets around the world. He notes, as I have many times here over the past few months, that the U.S. stock market is currently the most expensive in the world.