Bloomberg News

Potash Corp., CF Erase Increases After Crop Inventory Reports

January 12, 2012

Jan. 12 (Bloomberg) -- Potash Corp. of Saskatchewan Inc. and CF Industries Holdings Inc. were among fertilizer producers that erased gains in pre-market trading after reports showed higher-than-expected U.S. wheat and corn inventories.

Potash Corp. fell 2.1 to $42.89 as of 8:53 a.m. in New York. CF declined 3.4 percent and Mosaic Co. dropped 1.9 percent.

U.S. corn inventories on Dec. 1 were 9.642 billion bushels, down from 10.057 billion a year earlier, the U.S. Department of Agriculture said today in a report. Analysts surveyed by Bloomberg News expected inventories of 9.439 billion, on average.

Soybean inventories before this year’s harvest will total 275 million bushels on Aug. 31, up from 230 million projected in December and the biggest in five years, the USDA also said. The average estimate of analysts surveyed by Bloomberg News was 232 million bushels.

--Editor: Simon Casey

To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus