PotashCorp shares fall 9%, ferts down on NYSE

HOUSTON (ICIS news)--Shares in PotashCorp plunged almost 9% in intraday trading on Monday to reach their lowest levels in more than two months as falling corn prices hit fertilizer stocks.

Falling corn prices, which were trading at $5.36/bushel on the Chicago Board of Trade - well below the $7+/bushel level from earlier this summer, may have contributed to push the entire fertilizer industry downward on the New York Stock Exchange.

PotashCorp shares were trading at $182.60 (€116.86) at 13:45 CST on the New York Stock Exchange, a decline of $18.46, or 9.18%, on the day.

Shares of PotashCorp haven’t traded so low since late May, before the company’s stock price began its upward march to its all-time high of $241.62, set on 19 June.

Mosaic was trading at $110.89 per share, down $11.80 or 9.62%, and CF Industries shed $10.95, or 6.74%, to trade at $151.59.

Agrium lost $6.91, or 7.91%, to reach $80.44 per share, while Monsanto fell 5.99%, or $6.88, to trade at $107.95.

Potash Corporation of Saskatchewan (PotashCorp) and Mosaic both reported record earnings last month due to high fertilizer prices. Agrium is set to release its quarterly results on Wednesday.

($1 = €0.64)

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