After Hurricane Katrina, and now Hurricane Rita, the country's main focus is on the impact these storms have had on the price of oil - overshadowing another growing problem in the commodities market.

According to U.S. Agriculture Secretary Mike Johanns, "Agricultural losses from Hurricane Katrina in the southern United States are estimated to reach 900 million dollars."

Colleague Erin Beale, of The Red Zone Profits investment newsletter tells us, "Argentina, an extremely agriculturally rich country, is ready and willing to fill the gap."

"Argentina is set to export more than 10 million tons of corn in 2006 to meet world demands that the U.S. farmers will fail to fulfill.

"Just one of the many reasons this country happens to be one of my favorite emerging markets right now."

*** "Buy when there is blood in the streets" is one of Wall Street's sad-but-accepted maxims - but is this saying accurate?

Yes and no, says The Rude Awakening's Eric Fry in a Newsday interview.

As far as Katrina plays go, it just doesn't pay to chase the hot stocks. Instead, advises Fry, pick energy stocks that stand to benefit in Katrina's wake - not just a flash in the pan - like the homebuilders that soared immediately following the storm.

"I'm sure," Newsday quoted Fry as saying, "we will see lots of these post-Katrina high flyers lower a year from now."

"Dead money that springs to life will die again."

Bill Bonner is the President of Agora Publishing.  For more on Bill Bonner, visit The Daily Reckoning.