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Agricultural News: Mosaic Earnings Miss Estimates; Monsanto Bumped Up to 'Buy' at Wells Fargo


Plus, "Fishageddon" will make "Baconpocalypse" look like "Carmaggedon," and more!

This column highlights the most interesting and useful business and financial commentary on agriculture from around the Web each day.

Mosaic Earnings Miss Estimates After Phosphate Fertilizer Drop
"Mosaic Co. (NYSE:MOS), North America's largest producer of phosphate-based fertilizer, reported fiscal first-quarter profit and revenue that missed analysts' estimates after prices and volumes declined.

"Net income fell $429.4 million, or $1.01 a share, in the three months through August, from $526 million, or $1.17, a year earlier, Plymouth, Minnesota-based Mosaic said today in a statement. That trailed the $1.15 average of nine estimates compiled by Bloomberg. Sales declined to $2.51 billion from $3.08 billion, less than the $2.69 billion average of 14 estimates."
Monsanto Upgraded to 'Buy' at Wells Fargo; High Seed Pricing a Positive Catalyst
"After a recent meeting with company management, Wells Fargo (NYSE:WFC) boosted its rating on Monsanto (NYSE:MON) from 'Market Perform' to 'Outperform' while lifting its price target range from $82-84 to $104-106.

"The analyst commented, 'with Chinese glyphosate challenges seemingly well behind them, we expect MON to benefit from higher seed pricing (up 5-10% in FY2013) and penetration in Latin America (through the introduction of double and triple stacked traits).'"

Link: Soybean Yields Drive Market Lower

"The US fall harvest is well ahead of schedule and higher than expected soybean yield data has pushed grain prices lower throughout the month.

"Corn prices declined this month by 6.1% to end at $7.56 per bushel....Soybean prices decreased this month to close at $16.01 per bushel, a 10.2% decline....Wheat prices increased by 3.7% this month, closing at $9.02 per bushel..."

[Many investors have exposure to corn, soybeans, and wheat through the Teucrium Corn Fund (NYSEARCA:CORN), Teucrium Soybean Fund (NYSEARCA:SOYB), and Teucrium Wheat Fund (NYSEARCA:WEAT).]

Dairy Quarterly Q3 2012: The Return of Milk Scarcity
"The nascent recovery of global dairy commodity prices evident in late Q2 continued through Q3. Price tension was a function of a substantial slowdown in milk production growth in export regions and strong buying from import regions. Falling milk production in both the US and EU drove local wholesale prices up rapidly in Q3."

Brazil Analyst Raises Soy Crop View, Lowers Corn
"Brazilian farmers are in the early stages of planting what is expected to be an even bigger soybean crop than the record forecast in September, local analysts Celeres said on Monday."

Chicago Tribune
Link: Farm Law to Expire but Many Programs Funded Through March
"Expiration of US farm law on October 1, shutting off dairy supports and putting 2013 crop subsidies in limbo, will cause pain for some farmers and frustration for many but programs like food stamps and crop insurance will roll on, analysts said.

"Government funding is assured through March 2013 for many programs based on a July deal to extend budget authority reached by feuding Republicans and Democrats ahead of the November elections."

Link: Forget Baconpocalypse--Fishageddon Will Be Worse

"While editors and bloggers gorged on a trumped-up baconpocalypse, they largely ignored a story with real implications for global food security: a new report on how climate change will sharply reduce the productivity of the oceans, particularly in the global south, where hundreds of millions of people rely on the sea as a primary source of protein."

Also, don't miss Relax, the Great Bacon Shortage of 2012 Is a Myth.

Twitter: @brokawbrokaw
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