From Lake Tahoe on Zephyr’s Adjusted for Risk Podcast, host Ryan welcomes back Sal Gilbertie, CEO of Teucrium ETFs, to discuss row crop investing and how corn, soybeans, wheat, and sugar can impact portfolios. Gilbertie explains how energy and fertilizer costs—especially amid Middle East conflict and potential LNG disruptions—affect crop economics and planting decisions, and why grains often trade near cost of production with historically limited downside at breakeven levels (corn around $4, trading near $4.40). He outlines the “golden grain cycle” (breakeven, disruption-driven spike, then replanting and normalization), notes steady long-term global demand, and describes grains’ diversification benefits, citing an agricultural index that outperformed the S&P 500 during multiple drawdowns. He also explains sugar’s volatility via Brazil’s ethanol-versus-sugar production economics and shares how advisors can research Teucrium resources to gain exposure via ETFs.

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Learn more about Teucrium here.

00:00 Welcome and Sponsor

01:04 Meet Sal Gilbertie

01:39 Teucrium and Grain ETFs

03:03 Macro Forces on Grains

04:05 Fertilizer and Crop Rotation

05:58 Supply Levels and Breakevens

08:47 Portfolio Benefits of Grains

11:51 Golden Grain Cycle Explained

14:35 Wheat Sugar and Global Producers

15:54 Fertilizer Inflation and 2027

18:28 Timing Grain Allocations

19:45 Corn Supply Pile

21:20 Seasonal Price Patterns

22:02 Portfolio Diversifier Case

24:28 Why Grains Get Ignored

27:50 Advisor Allocation Tactics

29:36 Sugar Ethanol Link

33:28 How To Get Exposure

35:28 Closing Thanks

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