A general correction in commodities prices spurred by the plunge in oil prices pressured the agriculture sector as well, with Potash Corp. (NYSE:POT), Mosaic (NYSE:MOS) and Agrium (NYSE:AGU) all closing down Tuesday.
Crude oil prices for May delivery fell as much as 63 cents, or 0.6 percent, to $105.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $106.01 at 10:14 a.m. Sydney time. Yesterday, it fell $3.67 to $106.25. Prices dropped 5.9 percent on April 11 and 12.
The U.S. raised its crude-oil price projection for 2011 to an average $106.38 a barrel from $101.77 in March, according to the Energy Department’s Short-Term Energy Outlook.
Potash closed Tuesday at $56.13, falling $0.93, or 1.63 percent. Agrium closed at $89.12, down $1.55, or 1.71 percent. Mosaic closed at $76.67, dropping $1.53, or 1.96 percent.
Wednesday, April 13, 2011
Fertilizers (POT) (AGU) (MOS) Drop as Commodities Correct
Labels:
Agrium,
Crude Oil,
Mosaic,
Potash Corp
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1 comment:
Tuesday was also the ex-dividend date for POT.
http://www.investopedia.com/terms/e/ex-dividend.asp
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