19 Sep '12, 3pm

Meet the only person who made money off the drought

Renee Haugerud is a farmer’s daughter, but also the founder of a fancy New York hedge fund. These two attributes have made her basically the only person in the country to have come out ahead from this summer’s terrible drought. Way back in March, Haugerud starting betting that corn prices would go up, Bloomberg Markets Magazine reports . Back then, farmers were planting untold acres with corn, and forecasts were predicting that there’d be more than enough for everyone. But Haugerud had looked at demand from ethanol makers (which she thought would be greater than others were predicting) and corn yields (which she thought would be only OK). Bloomberg explains: If farmers were planting in amounts not seen since 1937, her farm upbringing and commodities experience told her they were tapping marginal land. This all didn’t add up to a corn bonanza. The demand for corn, she figur...

Full article: http://grist.org/list/meet-the-only-person-who-made-money...

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