Earlier today, most of the leading agriculture stocks were trading lower at the start of the session. Today, the Market Vectors Agribusiness ETF (MOO) is trading lower by 0.50 cents to $53.39 a share. Short-term traders should watch for intra-day support around the $52.95 level. It is also important to note that the MOO topped out on the daily chart in early February 2013. Which was exactly when the U.S. Dollar Index futures (DX-M3) bottomed out.
Follow The Index
So traders should follow the U.S. Dollar Index very closely when trading agriculture stocks.
Other ag. stocks that have been declining today include Potash Corp./Saskatchewan (USA) (POT), CF Industries Holdings Inc (CF), and Agrium Inc. (USA) (AGU). Monsanto Company (MON) is the one agriculture stock that seems to be bucking the trend. This stock is trading higher on the session by $1.11 to $104.90 a share. So traders must remember that not all agriculture stocks will follow the industry group.
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Agriculture Stocks And The USD: An Inverse Relationship
Published 03/27/2013, 01:58 PM
Updated 07/09/2023, 06:31 AM
Agriculture Stocks And The USD: An Inverse Relationship
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