Many of the leading agriculture stocks come under sharp selling pressure today. The Market Vectors Agribusiness (ETF) (MOO), which tracks the agriculture sector is declining lower by 0.48 cents to $56.06 a share. So far today, the MOO has made a very sharp reversal bar on the daily chart. If it closes down at that area by the end of the trading, it could signal a short-term pullback for the agriculture sector. The short-term intra-day support levels for the MOO will be around $225.
A few ag stocks that are selling off today include CF Industries Holdings Inc. (CF), Mosaic Co. (MOS), Monsanto Company (MON) and Agrium Inc. (USA) (AGU). All of these stocks are now overbought on the daily charts. A pullback in many of these equities is very possible in the near term.