Commodities & Metals
Potash Fertilizer Makers Get Bump on US Planting Estimates (POT, MOS, CF)
Published:
US plantings of wheat and corn this year will be higher than the most recent US Department of Agriculture survey according to new survey results from Allendale Inc. cited by Bloomberg News. The firm forecasts that corn planting will rise to more than 95 million acres, higher than last year’s total of 91.9 million acres and higher than last month’s USDA forecast of 94 million acres. Wheat planting will rise to nearly 57 million acres.
Potash fertilizer makers are getting a nice share-price bump on the news, with Potash Corp. of Saskatchewan (NYSE: POT) rising more than 5.5%, Mosaic Co. (NYSE: MOS) up about 4.25%, and CF Industries Holdings Inc. (NYSE: CF) up about 2.35%.
Shares of Potash Corp. and Mosaic are down about -17% and -24%, respectively, over the past 12 months. CF Industries’ shares are up about 46% in the same period, mostly on the strength of the demand for nitrogen fertilizer.
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