Sector Snap: Agribusiness Stocks Rise

ST. LOUIS (AP) — Shares of agribusiness stocks rose on Friday after Federal Reserve Chairman Ben Bernanke said the economy is on the verge of recovery, signaling that global demand for meat and grains could strengthen in coming months.

Shares of Decatur, Ill. based Archer Daniels Midland Co. rose 63 cents, or 2 percent, to $28.59 — erasing losses from earlier in the week. The company is a bellwether of the farm industry, with units in crop production, shipping, processing and biofuels.

St. Louis-based Monsanto Co., the world's biggest seed company, rose $1.37, or 2 percent, to $83.85.

Springdale, Ark.-based Tyson Foods Inc. increased 12 cents, or 1 percent, to $11.77. 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. rose 40 cents, or 1 percent, to $66.04.

Smithfield, Va.-based Smithfield Foods Inc., the nation's biggest pork processor, rose 15 cents, or 1 percent, to $12.15.