This afternoon, most of the agriculture stocks are trading higher on the session. The Market Vectors AgriBusiness ETF (NYSEARCA:MOO) has been trading sideways since May 18, 2012. Today, the MOO is trading higher by 0.70 cents to $46.86 a share. Short-term traders should watch for intra-day resistance around the $47.00 area. The daily chart for MOO still remains vulnerable to further declines as price continues to trade below the important daily 50 and 200 day moving averages.
Some leading agriculture stocks that are trading higher today include CF Industries Inc (NYSE:CF), Agrium Inc (NYSE:AGU), and Potash Corp Sask Inc (NYSE:POT). All of these stocks look very similar to MOO on the daily charts. Please remember, the agriculture stocks are very much like commodity stocks, therefore they will usually trade inverse to the U.S. Dollar Index.