This morning, the Department of Agriculture reduced its corn production forecast by 3.8%, meaning 2010 suppy will not meet demand. On the news, investors poured into fertilizer companies as farmers will be looking to boost crop output to take advantage of the soaring corn prices. Shares of Mosaic (NYSE:MOS) are higher by 7%, CF Industries (NYSE:CF) by almost 10%, and Agrium (NYSE:AGU) gain a little more than 6%.
Also benefitting this morning has been agriculture ETFs. The Market Vectors Agribusiness (AMEX:MOO) is showing gains of 3.3% today as almost 14% of the portfolio is made up of the three stocks above and the PowerShares Global Agriculture Portfolio ETF (NASDAQ:PAGG) is higher by 3.1% as 15% of its portfolio is made up of MOS, CF and AGU.
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