BUZZ-US agri stocks: Chances of recovery in late 2016 diminished-Cowen

Thu Apr 14, 2016 12:23pm EDT
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** Agriculture stocks down after Cowen and Co says "cautious view" of the agriculture industry; S&P 500 Fertilizers & Agricultural Chemicals Index down 1.6 pct

** "Review of global Ag data from the USDA and our industry sources indicate possible corn price erosion and weak nutrient fundamentals," analysts write in a note

** Cowen analysts believe the chances of a recovery beginning in late 2016 have diminished, and 2017 could worsen further

** Intrepid Potash Inc shares down 8.6 pct, Mosaic Co 3.5 pct, U.S. listed shares of Agrium Inc 4.5 pct

** Potash Corp of Saskatchewan Inc shares down 2.3 pct, CF Industries Holdings Inc 1.5 pct, CVR Partners LP 4 pct

** Cowen cuts ratings and PT on Mosaic, Potash Corp, Intrepid Potash, CF Industries to "Underperform" from "Market Perform"

** Cowen lowers PT on Agrium and CVR Partners

** U.S. food consumer price index fell 0.2 pct in March vs 0.2 pct rise in February

** Up to Wednesday's close, the S&P 500 Fertilizers & Agricultural Chemicals Index had fallen more than 31 pct in the past 12 months