Sector Snap: Agribusiness Stocks Decline

ST. LOUIS (AP) — Shares of agribusiness stocks declined on Monday amid fears that weak consumer confidence could pinch spending and slow the economic recovery.

Shares of Decatur, Ill. based Archer Daniels Midland Co. retreated 80 cents, or nearly 3 percent, to $27.07 in midday trading. The company is a bellwether of the farm industry, with units in crop production, shipping, processing and biofuels.

ADM's profits soared last year when global demand for grain outstripped supplies, but its profit and revenue have fallen along with global consumer spending.

St. Louis-based Monsanto Co., the world's biggest seed company, slipped 89 cents to $80.35.

Springdale, Ark.-based Tyson Foods Inc. fell 22 cents, or 2 percent, to $11.15. The world's biggest meat company has been battered by higher feed costs and lower meat prices.

White Plains, N.Y.-based food processor and fertilizer maker Bunge Ltd. fell $3.94, or 6 percent, to $62.88.

Smithfield, Va.-based Smithfield Foods Inc., the nation's biggest pork processor, fell 42 cents, or 3.5 percent, to $11.51.