Grain Prices Tumble Following Massive Quakes in Japan, Ag Stocks Holding Up (POT) (MOS)

Agriculture stocks are holding up this afternoon despite grain prices which are dropping sharply amid concerns related to the massive earthquake (and numerous aftershocks) which hit off the coast of Japan early today.

Corn prices have tumbled about 2.5%, or more than $17, to around $653 per bushel, wheat prices are down about 2.7% to about $695 per bushel, and soybean prices are down 2% to $1,321 per ton, just to name a few.

Japan is currently the largest buyer of corn from the US, the second-largest purchaser of wheat and rice, and the third-largest buyer of soybeans.

Around the Ag/Fertilizer sector today:

• Potash (NYSE: POT) up 1.1% to $54.35
  
• Agrium (NYSE: AGU) up 1.2% to $89.29
  
• Mosaic (NYSE: MOS) up 1.5% to $76.40
  
• Interpid Potash (NYSE: IPI) up 0.75% to $34.17
  
• CF Industries (NYSE: CF) up 1.5% to $125.80

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