PotashCorp, CF up on NYSE despite cheaper corn

16 September 2008 21:41  [Source: ICIS news]

HOUSTON (ICIS news)--PotashCorp, CF Industries and other fertilizer companies gained value on the New York Stock Exchange on Tuesday, despite corn futures falling, as financial markets recovered from Monday’s losses.

 

Corn for December delivery fell 30 cents/bushel on Tuesday on the Chicago Board of Trade (CBOT) to $5.32/bushel (€3.72/bushel), which was also the trading day’s low point.

 

Despite the cheaper corn prices (recently, corn prices helped shape the daily gains or losses of publicly traded fertilizer companies)  industry giants like Potash Corporation of Saskatchewan (PotashCorp) gained along with the rest of the stock market, which was recovering from a 500 point loss on Monday.

 

PotashCorp led the industry by gaining $9.05, or about 6%, to close at $163.15 per share.

 

CF Industries gained $9.29, or more than 8%, to close at $119.51 per share.

 

Agrium gained $2.98, or 4%, to close at $77 per share, while Mosaic gained $3.04, or almost 4%, to close at $87.24 per share.

 

($1 = €0.70)

 

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By: David Rosen
713-525-2653

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