The fertilizer industry is heading for the dumps today. The double blow of being downgraded by Citigroup (NYSE: C - News) and RBC Capital is taking its toll, as Agrium (NYSE: AGU - News) has lost 12.73% to trade at $65.32 in the morning. However, the greater impact has been on CF Industries (NYSE: CF - News), which has tumbled by 19.62% while tremors are also being felt at Terra Industries (NYSE: TRA - News), down by 22%.
According to an AP report, a recent drop in urea prices has sent shivers down the ranks of the fertilizer industry. Analysts predict the price weakness could spill into next year. With the broader market in a bear hug over the bailout package turmoil, other agricultural stocks like Monsanto (NYSE: MON - News), Intrepid Potash (NYSE: IPI - News) and Mosaic (NYSE: MOS - News) have absorbed losses the range of 8-10% this morning.
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