Yesterday afternoon, one of the strongest stock sectors on the market was the agriculture sector. This important industry group had been moving higher since the opening bell. One of the leading stocks in the sector is Monsanto Co (NYSE:MON). Yesterday, MON traded higher by $1.10 to $87.72 a share. Short term traders should watch for intra-day resistance around the $88.00 area. The daily chart of MON is still in good technical shape by trading above the 50-day moving average.
Other leading agriculture stocks that traded higher yesterday included CF Industries Inc (NYSE:CF), Agrium Inc (NYSE:AGU), and Mosaic Co (NYSE:MOS). It is important to note, all of these stocks will generally trade higher when the U.S. Dollar Index declines.
Agriculture stocks are very similar to commodity stock in nature.