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Friday, April 29, 2011

Potash (POT) (SMG) (IPI) (TNH) (MON) Down on Wheat, Corn Oversupply Fears

Potash Corp (NYSE:POT), Scotts Miracle-Gro (NYSE:SMG), Intrepid Potash (NYSE:IPI), Terra Nitrogen Company, L.P. (NYSE:TNH), Monsanto (NYSE:MON) close down Thursday on wheat, corn oversupply concerns.

A growing concern there could be a glut of wheat and corn on the market pushed down the shares of fertilizer and agriculture stocks Thursday.

"Although there have been muted concerns about the development of wheat crops in the Black Sea region, the trade is concerned that Russia and the Ukraine will be offering new crop wheat to the global market," said a Benson Quinn Commodities note.

The Ukraine also removes its corn export quota this week.

The weaker U.S. dollar wasn't enough to stem the losses Thursday. The U.S. dollar index fell 0.4% to $73.05.

Wheat for July delivery fell 2.6 percent to $7.90 3/4 a bushel. Wheat was one of the biggest commodity laggards Tuesday. Meanwhile, corn for July delivery was down 1.2 percent to $7.50¼ a bushel.

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