Fertilizer stocks are advancing after the price of new corn rose 2% earlier today to hit its highest level since early November, according to Reuters. The gain in the price of corn came after the government reported greater than expected damage to corn crops yesterday. Corn rose by the maximum amount of 40c per bushel yesterday. Meanwhile, fertilizer makers may also be getting a lift from an upbeat note issued earlier today by research firm Macquarie. Fertilizer companies should be able to significantly increase their dividends, said the firm, which maintained Outperform ratings on Agrium (AGU), Mosaic (MOS) and Potash Corp (POT). All three of those stocks, along with CF Industries (CF), are rising significantly in early trading.
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