We have 5 major agriculture names reporting today - POT, CF, BG, TNH, CNH - all components of the agriculture ETF Market Vectors Agribusiness (MOO) [Sep 17: This MOO For You? An ETF to Play the Global Agriculture Boom]

I’ll touch on 3 of the 4 that reported this morning; due to some intracompany relationship issues with TRA I don’t bother with TNH (Terra Nitrogen). CF Industries (CF) reports after the bell.

First, there are no surprises here in Potash (POT) - we expected a huge quarter with increased guidance. We got it. The question is what is already built into the stock. Everyone already expected this; the stocks need to take a break sooner rather than later after a huge run. I have my lowest allocation to this group since day 1 of the fund but I will be adding materially on dips (which I believe to be imminent). …