In my Top 10 Stocks for 2009, I focused on specific themes that I felt would do well in the forthcoming year.

At the core of my research is identifying market irrationality. Making investments based on market inefficiencies often results in higher returns while being protected on the downside.

Think of it as a reversion to the mean. The market pendulum is always swinging. One area that has been swinging wildly of late is the agricultural space.

Opportunities in Agricultural Stocks

Agricultural stocks should be considered a safe haven during economic weakness. Yet agricultural stocks were absolutely pummeled in the latter part of 2008.

That being the case, an investment opportunity exists in this sector. As such, my Top 10 Stocks for 2009 include 3 names that participate in the agricultural space.

Monsato Doubles Quarterly Net Income

Today, agricultural stocks received a tremendous boost. Monsanto (MON), the giant seed company, announced first quarter ending November 30 results that were quite impressive.

The company generated a profit of $556 million or $1 per share. Such performance is more than double the amount made in the year ago three month period. Analysts were expecting a profit of $0.59 per share.

In addition to the great numbers, the company raised guidance for the 2009 fiscal year. Monsanto now expects a profit of $4.40 to $4.50 per share instead of the prior $4.20 to $4.40.

This is a huge beat, and investors responded accordingly. MON is up more than 15% on the news. Other agricultural stocks including Mosaic (MOS) are up as well.
If you are looking to take advantage of the agricultural play, I would take a look at Archer Daniels Midland (ADM). The stock is flat to slightly down so far in 2009 as opposed to gains made elsewhere in the space.

This article was written by Jamie Dlugosch, contributor to InvestorPlace.com. For more actionable insight like this, go to: www.InvestorPlace.com. James F. Dlugosch contributed to this article.