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February 19, 2013
18:10 EDTCFCF Industries expects farmers to continue planting large number of acres in 2013
CF Industries expects tight stocks-to-use ratios for corn, wheat and soybeans, underpinning the company's expectation of high crop prices and continue to provide economic incentives for farmers to plant a large number of acres and apply optimal amounts of plant nutrients. The high prices for corn and other coarse grains are supporting expectations that growers in North America, Europe, Ukraine and China will plant very large areas to grain, which should create robust global demand for plant nutrients, especially nitrogen, during 1H. A continuation of high prices for soybeans should lead to a large number of planted acres in South America again in 2013 and strong demand for phosphates in 1H in support of that region's fall fertilization needs. CF Industries projects that U.S. farmers will plant 97M acres of corn in 2013 with a forecasted yield of 160 bushels per acre, compared to actual 2012 of 97M acres and a yield of 123 bushels per acre. The North American nitrogen market is expected to be balanced-to-tight during 1H. Demand is expected to be robust due to the anticipated high number of corn acres to be planted. Midwest ammonia market conditions are expected to be tight-to-balanced during 1H. The North American UAN market is expected to be tight through the spring. Global UAN demand is benefiting from anticipated robust planting seasons in North America and Europe. CF Industries has hedged natural gas costs for approximately 90% of its anticipated nitrogen production needs through April 2013. The global phosphate market is currently weak but is expected to improve over the course of 1H. Capital expenditures in 2013 for the company's announced capacity expansion projects at Donaldsonville, Louisiana, and Port Neal, Iowa, are expected to be in the range of $1B to $1.3B. Capital expenditures for the company's existing facilities are expected to be approximately $450M.
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August 21, 2015
12:17 EDTCFDeere slides after Q3 results and outlook impacted by deteriorating farm economy
Despite reporting third quarter results that surpassed analyst expectations, shares of farm equipment maker Deere (DE) are falling after the company said it sees farm equipment sales for the year lower than previously thought, as the downturn in the agricultural economy continues. WHAT'S NEW: Deere reported Q3 EPS of $1.53, down from $2.33 in the year-ago quarter, and revenue of $7.6B, down 20% from last year's Q3. Analysts' consensus estimates for Q3 were for EPS of $1.44 on revenue of $7.17B. John Deere's Chief Executive Officer Samuel Allen said, "John Deere's third quarter results reflected the continuing impact of the downturn in the farm economy as well as lower demand for construction equipment." WHAT'S NOTABLE: Looking ahead, the farm equipment maker forecast full year 2015 world-wide sales of its farm equipment to be lower by about 25% for the year compared to the 24% it forecast in May with its Q2 report. On its Q3 earnings conference call, the company said crop prices are stabilizing near the long-term average and the dairy sector remains under pressure. Beef prices remain solid while pork prices remain at low levels, Deere added. In China, the company sees continued slowdown in economic growth, lower commodity prices impacting agricultural economy, and mechanizing trends and ongoing subsidies supportive of agriculture. In India, the company sees positive consumer and investor sentiment supporting economic growth, and two consecutive below normal monsoon seasons impacting farm incomes. In the Commonwealth of Independent States, the company sees a continued deterioration of economic growth and credit conditions remaining challenged. Deere sees crop value of agricultural production in Brazil to decrease 11% in 2015. PRICE ACTION: Shares of Deere are down $6.04, or 6.6%, to $84.61 in midday trading. OTHERS TO WATCH: Other companies that are leveraged to agriculture include AGCO (AGCO),Potash (POT), Mosaic(MOS), Agrium (AGU), Syngenta (SYT), CF Industries (CF), and DuPont (DD).
August 19, 2015
10:04 EDTCFCF Industries MLP potential increases with OCI acquisition, says dealReporter
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August 14, 2015
16:57 EDTCFSoros gives quarterly update on stakes, increases Facebook position
NEW STAKES: Time Warner Cable (TWC), Schwab (SCHW), Alcoa (AA), NRG Energy (NRG), and Pacira (PCRX). INCREASED STAKES: Facebook (FB), Monsanto (MON), Nextera (NEE), Qunar (QUNR), and Rovi (ROVI). DECREASED STAKES: Alibaba (BABA), General Motors (GM), Motorola Solutions (MSI), EQT Corp (EQT), and Noble Energy (NBL). LIQUIDATED STAKES: Cenovus (CVE), Kite Pharma (KITE), Tempur Sealy (TPX), CF Industries (CF), and Suncor Energy (SU).
10:02 EDTCFOn The Fly: Analyst Upgrade Summary
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05:29 EDTCFCF Industries upgraded to Overweight from Neutral at Barclays
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