Agriculture firms retreat from record highs on Ukraine peace talks progress

Alpha MOS SA

29/03/2022 15:02

** Shares of grains and fertilizer stocks fall for second
session on signs of progress in Ukraine-Russia peace talks
    ** In the most tangible sign yet, Russia agrees to scale
back military presence in two Ukrainian cities  urn:newsml:reuters.com:*:nL2N2VW0ZO
    ** Fertilizer and potash stocks Nutrien  NTR.N , Mosaic
 MOS.N , Intrepid Potash  IPI.N  and CF Industries  CF.N 
plummet 9.2%-13.3%
    ** CF and MOS among biggest losers on S&P 500 Index  .SPX 
    ** Stocks had rallied to record highs as the Ukraine crisis
hit supplies of vital food commodities  urn:newsml:reuters.com:*:nL3N2VO2TY  urn:newsml:reuters.com:*:nL3N2VS33A
 urn:newsml:reuters.com:*:nL3N2VR3GU
    ** Russia and its ally Belarus are No.2 and 3 producers of
fertilizer ingredient potash; Russia is also a major provider of
natural gas needed to make fertilizers
    ** Grains traders Archer-Daniels-Midland  ADM.N  and Bunge
 BG.N  drop 4.8% and 6.4%, respectively
    ** Corteva  CTVA.N  down 3.0%; FMC  FMC.N  down 2.4%;
iShares MSCI Global Agriculture Producers ETF  VEGI.P  down 3.5%
    ** Russia and Ukraine account for ~29% of global wheat
exports and 19% of corn exports

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com;
Twitter: https://twitter.com/ruhithere;))