Despite agribusiness giant Monsanto (MON) missing sales and earnings estimates this morning for its fiscal Q1, fertilizer makers, who are naturally dependent to some extent on the trends Monsanto endures, are rising this morning. Mosaic (MOS), which makes phosphate- and potash-based fertilizer, is up 45 cents, or 0.7%, at $63.60, after last night missing profit estimates for its fiscal Q2. Potash (POT), the largest U.S. maker of potash-based fertilizer, is up 82 cents, or 0.6%, at $119.21. Credit Suisse’s Elaine Yip yesterday raised her rating on Potash to “Outperform” based on greater confidence in fertilizer pricing after the firm negotiated contracts with China.
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