Drought Lifts Fertilizer Stocks but Farm Equipment Companies Hurt (MOO) (POT) (AGU) (CF) (DE)
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Market Vectors Agribusiness ETF (NYSE: MOO) moved higher by 1.18 on Tuesday. Share of Potash Corp./Saskatchewan (NYSE: POT) climbed by 2.90 percent today, giving it a monthly gain of 16.25 percent. Drought conditions in the Midwest has fueled demand fertilizer and POT has benefited as a result. Shares of Agrium (NYSE: AGU) and CF Industries (NYSE: CF) also moved higher.
A decline in shares of Deere (NYSE: DE) were a drag Market Vectors Agribusiness ETF (NYSE: MOO). DE has decline 3 percent in the past 3 trading sessions. Today Deere (NYSE: DE) was downgraded from Neutral to Underweight by analysts at JPMorgan. Analysts Ann Duignan said the drought in the Midwest could cause farmers to cut back on spending, resulting in softer equipment sales.
A decline in shares of Deere (NYSE: DE) were a drag Market Vectors Agribusiness ETF (NYSE: MOO). DE has decline 3 percent in the past 3 trading sessions. Today Deere (NYSE: DE) was downgraded from Neutral to Underweight by analysts at JPMorgan. Analysts Ann Duignan said the drought in the Midwest could cause farmers to cut back on spending, resulting in softer equipment sales.
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