The VanEck Vectors Agribusiness ETF (MOO) ended last week 1.6% higher, while the S&P 500 Index (SPY) was up by 80 basis points during the week. Last week was mostly positive for fertilizer stocks with six of the eight stocks discussed below ending the week in positive territory.
Last week, Intrepid Potash (IPI) emerged as the top gainer with its stock closing 5.6% higher at $3.78 followed by Mosaic (MOS), which closed 3.6% higher at $24.1. Agrium (AGU) was next with a weekly gain of 1.8%, closing at $108.5, while PotashCorp (POT) also closed 1.8% higher at $19.5.
PotashCorp and Agrium are awaiting a merger, which is expected to be complete by the end of 4Q17. For recent updates on the progress of the merger, read our series PotashCorp-Agrium Revisited: Key Updates.
YTD (year-to-date), Intrepid Potash continues to be the top gainer with a return of 81%, followed by CF Industries, which has returned 13%. Agrium was next with a YTD gain of 8.5%, followed by PotashCorp, which rose 7% over the same period.
The remaining four stocks have returned losses so far this year with CVR Partners emerging on the top with a loss of 51.7% YTD, followed by Terra Nitrogen, which delivered losses of 22.8%. Mosaic was next with a loss of 19.2%, and Israel Chemicals had losses of 3.9%.
In the following parts of this series, we’ll discuss the weekly price performance of key fertilizers such as urea, diammonium phosphates, and potash. Towards the end, we’ll look at the fertilizer affordability trend.