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Market Vectors Agribusiness ETF

5/18/2013, 6:42 AM ET

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Thursday, April 25, 3:19 PM The flow of key farm products (DBA) to the world from North and South America, highlighted by congestion at Brazilian ports and limited selling of crops by U.S. farmers, will keep global grain supplies tight despite expectations for big harvests later this year, Bunge (BG +6.5%) says after its Q1 report showed a 16% jump in agribusiness sales to $10.77B. Comment! [Commodities, On the Move]
Friday, February 22, 8:19 AM Dahlman Rose grows more cautious on the fertilizer sector, seeing substantial pressure on nutrients pricing in H1 with nitrogen having the greatest long-term margin risk given capacity additions. The firm cuts Agrium (AGU), CF Industries (CF) and Rentech Nitrogen (RNF) to Sell from Buy, Potash (POT) to Sell from Hold, and Mosaic (MOS) to Hold from Buy. 18 Comments [Commodities, Quick Ideas]
Tuesday, February 19, 3:54 PM Bell are ringing? Merging its fertilizer group into its metals and mining group, Bank of Montreal lays off 4 fertilizer investment bankers amidst weak activity in the resource sector. The Agribusiness ETF (MOO) has lagged the S&P 500 by 800 bps over the past year. Its largest fertilizer holding, POT has fared even worse, falling 10% Y/Y and lagging the broader market by 22%. Comment! [Commodities]
Thursday, February 7, 3:11 PM Canpotex, the exclusive offshore marketing company for top North American potash producers, agrees to supply private sector customers in India with ~1.1M metric tons of potash for shipment up to Jan. 2014 at $427/metric ton, a smaller discount than expected. The deal ends a long standoff by Indian buyers that dented profits for the potash producers. Comment! [Commodities, Global & FX]
Sunday, January 27, 3:53 AM Corn inventories at the end of August, prior to the harvest, are forecast to be 873M bushels, 45% higher than the USDA's prediction, broker Allendale says at its annual conference. "The demand is gone," due to the surge in prices caused by last year's drought. "The higher prices are leading to herd liquidation." Allendale forecasts that 2013 corn production will increase 30% to 14.03B bushels. Comment! [Commodities]
Friday, January 25, 9:51 AM Dahlman Rose upgrades Agrium (AGU), CF Industries (CF) and Rentech Nitrogen (RNF) to Buy from Hold ahead of what it sees as a period of increasingly bullish news flow for the fertilizer sector heading into spring 2013. The firm sees the three having more upside potential than other producers given its expectation for improving nitrogen pricing vs. potash or phosphate. Comment! [Commodities, Quick Ideas]
Thursday, January 17, 5:56 PM Dundee cuts its estimates for potash, phosphate and ammonia/urea prices, but it continues to like Buy-rated Agrium's (AGU) exposure to North American nitrogen, where it expects less volatility and relatively high margins due to sustained gas price differentials. The firm looks to hear more from Jana Partners in pushing for operational improvement and insight into AGU's retail segment. 1 Comment [Commodities, Quick Ideas]
Thursday, January 17, 10:58 AM Initiating coverage on the "North American Agricultural Sciences" sector, Credit Suisse declares itself a fan of some, with Agrium (AGU), Monsanto (MON), and Potash (POT) all rated Buys. MOS, CF, and IPI are rated Neutral, with Compass Minerals (CMP) started at Sell on worries over the implementation of cost-cutting. All of these companies are holdings of MOO, +4,5% YTD. Comment! [Commodities]
Wednesday, January 9, 9:04 AM Market Vectors announces the March switch of the underlying index to be tracked by its Agribusiness ETF (MOO), swapping out the DAXglobal Index for one of its own making. The new benchmark is more U.S. focused - 40.6% weighting as opposed to 36.9% - but the top 4 holdings of Monsanto, Syngenta, Potash, and Deere remain. 1 Comment [Commodities]
Monday, December 31, 2012, 12:55 PM Mosaic (MOS +2.1%), Potash (POT +1.9%), and Agrium (AGU +2.2%) trade higher after Canpotex, the fertilizer companies' offshore sales agency, announces a 1M-ton potash supply deal with China's Sinofert Holdings for 1H13. Though the deal involves a $70/ton price cut from the last contract between the parties (established in March), the Street is pleased in light of surging potash stockpiles. A deal between Canpotex and Indian buyers is expected in Q1. Comment! [Commodities, On the Move]
Friday, December 28, 2012, 6:25 PM There's the fiscal cliff and the container cliff (temporarily averted), but WSJ discusses a third cliff approaching: the "dairy cliff," a scenario where Congress fails to pass a farm bill to extend agricultural subsidies, which in turn would cause milk prices to soar. The milk industry already is in crisis, as milk consumption has been sliding steadily for decades. 7 Comments [Consumer]
Friday, December 21, 2012, 11:59 AM Brazil’s government go-ahead for Petrobras (PBR -3.6%) to raise its gasoline prices in early 2013 likely will raise demand for domestically produced sugar-based ethanol, but effects also could reach U.S. shores. Ethanol output in the U.S. is expected fall ~10% next year, and a robust export market could give Brazilian mills even more incentive to produce ethanol instead of sugar. 4 Comments [Energy, Global & FX, On the Move]
Wednesday, November 14, 2012, 9:36 AM The Agribusiness ETF (MOO -0.5%) is lower in opening trade after Mosaic slashed its forecast for potash and phosphate sales. Mosaic, -4.4%, is just 4.4% of MOO's holdings, but fertilizer firms together make up closer to 20% of AUM. Comment! [Commodities]
Tuesday, November 13, 2012, 4:29 PM Mosaic (MOS) -4.8% AH after lowering its FQ2 volume guidance for potash and phosphate on weaker shipments in the export market. MOS says international crop nutrient market demand has weakened since earlier guidance, primarily as a result of distributors delaying purchases to avoid price risk; sales volumes may not pick up until calendar 2013. 1 Comment [Commodities, On the Move]
Wednesday, November 7, 2012, 7:57 AM More on Agrium (AGU) Q3 earnings: Company is hit by the drought as retail sales volumes off 10% Y/Y. Wholesale sales off 8.3% Y/Y. Potash gross profit of $23M, -77% Y/Y, Phosphate gross profit -43% Y/Y. Q4 EPS guidance of $1.50-$1.90 as sale volumes to be at or lower than 2011 Q4. Shares -6.7% premarket, also hitting POT -1.6%. (PR) Comment! [Commodities, On the Move]
Monday, November 5, 2012, 2:44 PM The Q4 potash market will lag due to delayed contracts in India and China into 2013, which has led Potash (POT) to an inventory shutdown, but North American demand remains normal despite worries that farmers would use less potash due to early harvest and drought, Dundee Capital's Carolyn Dennis says. Overall potash demand growth will exceed 3% in the coming years, she says. 2 Comments [Commodities, Global & FX]

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