Agrium (AGU), Potash (NYSE:POT), Mosaic (NYSE:MOS) Soar on Lower WASDE Estimates

Agrium (AGU), Potash (NYSE:POT), Mosaic (NYSE:MOS) all surged today after the release of estimates from WASDE showed corn yields area significantly lower than their recent estimate.

UBS (NYSE:UBS) said they are maintaining their "Buy" rating on Agrium Inc. also citing WASDE estimates. Agrium had the price target raised from $82 to $95.

"WASDE released its latest agriculture estimates this morning (Monday) which we believe indicate an improving agricultural market. Specifically, projected corn production for 2010/11 is down with the projected national corn yield of 155.8 bushels/acre significantly below the previous projection of 162.5 bushels/acre ... We have revised our 2011/2012 EPS estimates from $6.70/6.57 to $6.92/6.60 to reflect stronger fertilizer pricing and fundamentals," said UBS.

Agrium closed Monday at $83, gaining $1.92, or 2.37 percent. Mosaic ended the session at $66.32, an rising $1.02, or 1.55 percent. Potash continues its climb, closing the day at $147.48, an increase of $1.68, or 1.15 percent.