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Opalesque Exclusive: London manager on low wheat inventories, mass urbanisation, OPEC - `commodities super cycle` is not a marketing gimmick From Benedicte Gravrand, Geneva: Chris Brodie is the senior fund manager of the Krom River Commodity Fund and has 14 years of commodity trading experience. The fund itself is a discretionary pure multi-commodity fund, producing alpha in all market cycles, fundamentally and technically driven with transparent risk management. It was launched in June 2006, is domiciled in the Caymans and manages US$60 million. The June 07 NAV was at 119.43. The fund is soft-closed throughout August and September, during which time the managers are reassessing its positions as the AUM has grown significantly since inception, but it will re-open in October. Mr. Brodie gave his views on matters that bring home some real concerns.

Low inventories “The grain inventories have just about halved since 2000 from 600 million mt to 300 million mt. In terms of days, inventories globally are at almost record low levels since 1960. This year for example, corn acreage increased by almost 12 million acres and yet next year, due to increased demand from the ethanol refiners, corn acreage will have to be increased again -  this time by about 3 million acres. This will be difficult as there will also be a need to increase soybean and wheat acres. The central issue of the grains markets is not ......................

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