In the week ending October 19, the agribusiness sector was broadly positive. The VanEck Vectors Agribusiness ETF (MOO) was 25 basis points higher than the week ending October 12. During the same period, the broader market, represented by the S&P 500 Index, ended 11 basis points higher week-over-week. We’ll discuss how some of the major fertilizer stocks performed last week.
In the above chart, Intrepid Potash (IPI) was among the biggest gainers in the week ending October 19. Last week, Intrepid Potash rose 5.9% to $3.6. Nutrien (NTR) gained 3.3% to $55.8, while Israel Chemicals (ICL) gained 1.6% to $6.2 per share. Mosaic (MOS) and CVR Partners (UAN) also ended in the positive territory with weekly gains of 82 basis points and 79 basis points, respectively. CF Industries (CF) fell 3.4% week-over-week to $50.6.
YTD (year-to-date), except for Intrepid Potash, all five of the fertilizer stocks in the above chart are in the positive territory. Israel Chemicals has emerged as the largest gainer by 52% YTD. Mosaic is next with a 24% gain followed by CF Industries with a gain of 17.4% during the same period. CVR Partners has returned 8.5%, while Nutrien has gained 2% YTD. Intrepid Potash was in the negative territory with a 22.5% decline YTD.
Next, we’ll discuss fertilizer price movements.