Last week, the overall agribusiness sector was broadly negative with the VanEck Vectors Agribusiness ETF (MOO) declining by ~4.9% from the week ending October 19 to the week ending October 26. The overall fertilizer sector was also in negative territory with five of the six stocks discussed below ending in the negative territory week-over-week.
Last week, CF Industries (CF) emerged as the biggest loser with its stock declining by as much as 12.4% to close at $44.4 per share, followed by Mosaic (MOS), which declined by ~10% over the same period. Israel Chemicals (ICL), which has experienced a good run so far this year, also ended in the negative territory with an 8.9% decline, while Intrepid Potash (IPI) followed with an 8.6% decline week-over-week. Nutrien (NTR) fell 7.4% last week. In contrast, CVR Partners (UAN) ended in the positive territory with a 3.9% gain week-over-week.
YTD (year-to-date), Israel Chemicals remains the top performer with a 38.6% return, followed by CVR Partners, which returned 12.7%. Mosaic is also up 11.9%, followed by CF Industries, which returned about 2.9% over the same period. On the other hand, Intrepid Potash is down by 29% YTD, and Nutrien has lost about 5.6% of its value since the beginning of this year.
In the following parts of this series, we’ll discuss how fertilizer prices have performed so far this year.