Agriculture Stocks Get Buried
This morning, all of the leading agriculture stocks are coming under heavy selling pressure along with the major stock market indexes. The Market Vectors Agribusiness ETF (NYSEARCA:MOO) is trading lower by $1.24 to $50.72 a share. The MOO should have some short term daily chart support around the $50.00 level. The MOO will have intra-day support around the $50.50 area.
Some leading agriculture stocks that are trading lower today include Potash Corp./Saskatchewan (NYSE:POT), Mosaic Co (NYSE:MOS), Intrepid Potash Inc (NYSE:IPI), and CF Industries Holdings Inc (NYSE:CF). All of these stocks look as if they can have some further downside on the daily charts. Please remember, the agriculture stocks often react very similar to commodity stocks and will usually trade inverse to the U.S. Dollar.