Fertilizer companies Compass Minerals (NYSE:CMP), Mosaic (NYSE:MOS), Syngenta (NYSE:SYT), Potash Corp (NYSE:POT) were under pressure Wednesday as wheat and soybean prices plummeted. Corn prices were able to generate a gain on the day.
In July agriculture contracts, wheat was down 21.25 cents to settle at $7.72 a bushel. Soybeans dropped 11.75 cents to settle at $13.52 a bushel.
Corn climbed 5.75 cents to settle at $7.295 a bushel.
Wheat and corn are expected to jump by about 5 cents to 10 cents over the next couple of days.
Companies supplying fertilizer will usually move in unison with the direction crop prices are going, as it is an indicator of the level farmers will spend on inputs.
Potash closed Wednesday at $53.42, falling $0.77, or 1.42 percent.
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