Agriculture firms fall after NOAA declares El Nino is underway

Intrepid Potash

08/06/2023 17:45

** Agriculture firms fall after U.S. National Oceanic and
Atmospheric Administration's Climate Prediction Center said El
Nino climate pattern is now underway
    ** Early signs of hot, dry weather caused by El Nino are
threatening food producers across Asia
    ** El Nino could lead to winter crop production falling 34%
from record highs in Australia, and also impacting palm oil and
rice production in Indonesia, Malaysia and Thailand
    ** Agri-traders Archer-Daniels-Midland Co  ADM.N  and Bunge
Ltd  BG.N  fall 2% and 3%, respectively
    ** Fertilizer makers Nutrien Ltd  NTR.TO , Intrepid Potash
Inc  IPI.N , CF Industries Holdings Inc  CF.N  and Mosaic Co
 MOS.N  slide 1.3%-4.1%
    ** Crop protection firms Corteva Inc  CTVA.N  and FMC Corp
 FMC.N  also fall 1% and 1.8%, respectively
    ** Reuters reports that grain merchant Bunge is finalizing a
$30 bln deal to merge with Glencore-backed  GLEN.L  Viterra,
weighing on its shares

 (Reporting by Arshreet Singh)
 ((Twitter: https://twitter.com/Arshreets))