It’s a well-known fact that I’m all about pick-and-shovel plays…
By that, I mean I don’t find much money in digging for gold. I find big profits in the shovels being used, or the “related industries.”
So when I figured out the surge in demand for agricultural commodities (such as land and machinery) is impacting things like fertilizers, you bet your bottom dollar that I got in on the trend.
In fact, the U.S. Department of Agriculture says net farm income will hit $113 billion in 2021 — that’s the highest it’s been since 2013, folks.
And luckily for you, I found the best agriculture stocks to grow our portfolios…
2 Agricultural Stocks to Grow Our Portfolios
The first agricultural stock that’ll help grow our portfolios is Nutrien Ltd. (NYSE: NTR).
I bet most of you could’ve already guessed this, but NTR produces and sells fertilizer and feed-related products.
It sells nutrients to more than 500,000 customers, so it’s easy to see the company is undergoing a period of strong growth.
I mean, NTR reported a record net earnings of about $1.1 billion in Q2!
NTR’s one-year return is around 73%, and it has had four quarters of better-than-expected earnings results with six strong buy recommendations.
I have a price target of $90 per share over the next quarter…
But I would wait for a shallow dip to the $65 level before pulling the trigger because its price appears a little overbought at the moment.
Check out my short video below to get the next agriculture stock to grow our portfolio with and a few other notable stocks on my radar right now.
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