Basic Materials Sector Review: Feed Grain Projections, Indonesia Shooting

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Compass Minerals Intl (NYSE:CMP), CF Industries Hldgs., Inc (NYSE:CF), Monsanto Company (NYSE:MON): The Department of Agriculture lowered its projection for U.S. feed grain ending stocks for 2011/12, citing corn and oats imports being more than offset by higher expected corn exports. Corn ending stocks projections were dropped 45M bushels, to 801M. Season average farm corn price forecast was narrowed 10c on both ends of the range, to $5.80-$6.60 per bushel. Global coarse grain supplies for 2011/12 are projected 3.1M tons lower, on reduced corn production from Argentina and Paraguay.

CMP shares closed at $73.45, down $2.86, or 3.75%, on the day. Its market capitalization is $2.42 billion.

CF shares closed at $185.73, down $3.78, or 1.99%, on the day. Its market capitalization is $12.14 billion.

MON shares closed at $78.33, down $0.81, or 1.02%, on the day. Its market capitalization is $41.94 billion.

Freeport-McMoRan Copper (NYSE:FCX): Gunmen attacked a car carrying workers yesterday near Freeport McMoRan’s (NYSE:FCX) gold and copper mine in eastern Indonesia, the Associated Press reports. Six people were wounded.

The shares closed at $46.42, down $0.11, or 0.24%, on the day. Its market capitalization is $44.01 billion.

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To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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