Gabelli Maintains Buy on Corn Products International

Gabelli is out with its report today on Corn Products International CPO, maintaining Buy. In a note to clients, Gabelli writes, "The agriculture sector is experiencing strong fundamentals with corn futures at $6.27 per bushel, double the 2010 price level of $3.12. High prices are expected to continue throughout 2011 as the USDA has lowered its forecast for planted acres to 90.7 million from 92.2 million acres. This benefits CPO because the company realizes higher prices on co-products sold at spot prices while hedging its input cost." Shares of CPO closed Tuesday at $55.12.