Israel Chemical Ltd. rose the most in almost three months after the U.S. Department of Agriculture said the corn harvest will be smaller than expected.
The shares’ 4.5 percent gain, the most since May 26, to 49.28 shekels at 2:15 p.m. in Tel Aviv, followed advances of Potash Corp, the world’s largest fertilizer maker, and Mosaic Co. (MOS), the biggest producer of phosphate-based crop nutrients. Potash rose 6.9 percent in the last two days of trading last week and Mosaic advanced 8.9 percent. Israel’s market is closed on Fridays.
Unusually high temperatures across the U.S. Midwest have damaged corn crops, prompting the USDA to cut its harvest forecast to 12.9 billion bushels (328 million metric tons) from 13.5 billion bushels projected last month. The U.S. report was positive for “corn and soybean prices and agriculture stocks generally,” Jeffrey Zekauskas, a New York-based analyst at JPMorgan Chase & Co., said in a note to clients on Aug. 11.
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