Fertilizers getting stronger
In our update for fertilizer prices for the week ended June 22, we saw that NPK (nitrogen, phosphorous, and potassium) fertilizer made a strong upward move. Some fertilizers even reached their peak for the year.
The trend continued last week, which ended June 29. We’ll be covering that trend in this series. But first, let’s look at the weekly performances of fertilizer stocks.
Last week, the VanEck Vectors Agribusiness ETF (MOO) fell 24 basis points, representing an overall weakness in the agribusiness sector.
However, three of the six fertilizer stocks in the above chart gained last week. CVR Partners (UAN) rose 9.6% week-over-week to $3.30, followed by CF Industries (CF) with a gain of 93 basis points to $44.40 per share and Nutrien (NTR) with a gain of 78 basis points to $54.40 per share.
Among the fertilizer stocks that ended in negative territory were Intrepid Potash (IPI), which fell 4.7% to close at $4.10, and Israel Chemicals (ICL), which fell 3.2% to close at $4.60. Mosaic (MOS) fell 28 basis points to end the week at $28.10 per share. Now let’s see how these stocks have performed YTD (year-to-date).
YTD, Israel Chemicals has continued to outperform its peers with a gain of 13%. It’s followed by Mosaic, which has risen 5.3%, and CF Industries, which has gained 2.9%. Intrepid Potash has lost the most, falling 12.2%. It’s followed by CVR Partners, which has fallen 6.8%, and Nutrien, which has fallen 70 basis points.
In the following parts, we’ll look at fertilizer price movements, which are the main drivers for fertilizer stocks.