The fertilizer sector remained under pressure between August 3 and August 13, with the benchmark VanEck Vectors Agribusiness ETF (MOO) declining 2.4% over the period and the S&P 500 Index falling 53 basis points. Clearly, the agribusiness sector was more impacted than the broader market indexes by trade war tensions and the Turkish currency crisis.
Between the close of the markets on August 3 and the close on August 13, most fertilizer stocks in the above chart declined. Among the six companies in the above chart, Intrepid Potash (IPI) lost the most, falling 7.9%, followed by CVR Partners (UAN), which lost 5.9% of its value.
Nutrien (NTR) was right behind with a 3% decline, and CF Industries (CF) declined 1.2%. At the bottom were Israel Chemicals (ICL), which fell 95 basis points, and Mosiac (MOS), which declined 36 basis points.
While the weekly performance of fertilizer stocks was depressed, most of the stocks were in positive territory YTD (year-to-date). For example, Israel Chemicals has risen 29% YTD, followed by Mosaic with a 14% gain and CF Industries with a 12% gain. Nutrien has risen 2.5% YTD.
Intrepid Potash has lost the most YTD, falling 29%. CVR Partners has fallen 5.1% YTD. However, MOO has risen 80 basis points, and the S&P 500 Index has gained 5%.
In the following parts of this series, we’ll see how fertilizer prices performed last week, which ended on August 10.