Potash Corp. Gives Up Gains Despite Upgrade

The agricultural stocks, including Potash Corp. of Saskatchewan POT have given up their gains from earlier this morning. Numerous analysts came out this morning saying that the negative sentiment caused by the Senate vote yesterday to end subsidies and tariffs on ethanol was an overreaction. TD Newcrest went so far as to upgrade Potash to Buy, saying that yesterday's weakness should be seen as a buying opportunity. Other names in the space have dropped from their morning highs, and are now negative on the session. CF Industries CF, The Mosaic Company MOS and Agrium Inc. AGU are all lower as well. The equipment names, such as Deere DE and CNH Global N.V. CNH are holding on to small gains. Yesterday, the Senate voted 73-27 in favor of ending the subsidies on ethanol.