Agriculture Stocks Sprout On Weaker Dollar
This morning, the leading agriculture stocks are bouncing higher this morning as the U.S. Dollar Index pullbacks back. Often the agriculture stocks will behave very much like a commodity stocks and react positive from a weaker dollar.
Potash Corp Sask Inc.(NYSE:POT) is one the leading agriculture stocks in the market. The stock is trading higher by $1.34 to $52.93 a share this morning. Traders should watch for some intra-day resistance around the $53.00 area and more around $53.75 level. As long as the U.S Dollar Index remains weak this market leader could trade higher intra-day.
Other leading agriculture stocks that are trading higher this morning include Monsanto Co.(NYSE:MON), Mosiac Co.(NSE:MOS), and Agrium Inc.(NYSE:AGU). These stocks are all trading higher on the back of a weaker U.S. Dollar Index. Should the U.S. Dollar Index catch a bid higher today these stocks could pullback intra-day. Remember, every trade is essentially a trade on the dollar.