Fertilizer Stocks Firmer as Corn Hits New 52-Week High Following Reduced U.S. Corn Production Forecast

By MidnightTrader.com Staff,

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Fertilizer stocks are gaining near mid-day, after the government reported greater than expected damage to corn crops yesterday, sending the price of new corn above 2% earlier today. According to a report on Reuters, this was the highest level of new corn prices since early November.

Gapping higher are shares of Mosaic ( MOS ), up 1.35%; Agrium ( AGU ), up 0.33%; Potash ( POT ), up 1.64%; and CF Industries Holdings ( CF ), up 2.08%.

The USDA earlier reduced U.S. corn production forecast by 12.3% to 12.97 bln bushels, down from 14.79 bushels due to the dry and hot weather being experienced. World corn inventory was reduced by 14% to 134.09 million metric tons despite reduction in imports and domestic feed.

Corn prices are now up 1.19% to $7.26 a bushel, after hitting a 52-week high of $7.48 a bushel. Among exchange traded funds, CORN is up 0.47% to $47.09.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: AGU , CF , MOS , POT

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