The week ending November 2 was broadly positive for the agribusiness sector. The VanEck Vectors Agribusiness ETF (MOO) rose ~4.5% week-over-week, while the overall market represented by the S&P 500 Index rose 2.5% on a weekly basis. The fertilizer sector also broadly ended in the positive territory. The six stocks discussed below gained momentum last week.
All of the six fertilizer stocks in the above chart rose week-over-week from the week ending October 26 to the week ending November 2. Intrepid Potash (IPI) emerged as the biggest gainer last week. The company’s stock rose as much as 21% to $4. CF Industries (CF) followed with a 12% weekly increase to $49.7. Mosaic (MOS) gained nearly 7% to $31.9 during the week ending November 2.
Nutrien (NTR) also managed to gain 6.7% and closed at $55.2, while Israel Chemicals (ICL) gained nearly 6% and closed the week at $5.98. CVR Partners (UAN), which was at the bottom of the list of gainers, rose 4.8% to $4.2 per share. Let’s look at how last week’s performance impacted the above stocks’ YTD (year-to-date) gains.
YTD, Israel Chemicals was among the top performers with a return of ~46.9% followed by Mosaic with a return of nearly 19.7%. CVR Partners was next with an 18% gain, while CF Industries managed to record a 15.2% gain YTD. Nutrien was almost flat with a gain of 77 basis points, while Intrepid Potash declined 14.4% YTD.
In this series, we’ll discuss how fertilizer prices performed in the week ending November 2.