Ideas of a return to rising agrichemical prices, highlighted by sector leader Syngenta, received a boost from Makteshim Agan Industries, which revealed it too had called time on two years of deflation.

The statement, coupled with reassurance on a takeover by China's ChemChina, saw shares in the Israel-based company join the few to post gains on Monday.

MA Industries, the world's top maker of off-patent farm sprays, said that a "stabilisation" in prices which began in the second half of 2010 had "continued" during the April-to-June quarter.

The conditions "enabled the company to increase prices selectively and moderately", with prices rising by 1% in the latest quarter, compared with a slight decline in the previous quarter and drops which over 2010 knocked $184m off sales.

The comments follow the revelation by Syngenta last month that it had returned to raising prices, after two years of price declines fostered by tough competition in the generics market, in which established producers, including Makteshim Agan Industries, found themselves facing soaring competition from Chinese supplies.

'Market share gains'

Makteshim Agan Industries revealed its price increases as it confirmed data outlined in a profits upgrade a week ago that its revenues had soared 20% to $723.1m for the latest quarter, and operating profits near-doubled to $87.1m.

Besides the consolidation of Mexican and South Korean acquisitions, the improvement reflected "significant market share gains" in Europe and, in North America, a boost from the group's tie-up with Monsanto.

Furthermore, profits had been boosted by cost-cutting measures, which also helped earnings more than triple to $45.4m.

Erez Vigodman, the group's chief executive, said the group's cost cuts plan "has been transforming MA Industries, solidifying our competitive position in a growing market place, creating the platform for continued geographical expansion and profitable growth".

Takeover talks 

The improved fortunes come amid protracted negotiations for the purchase by Chinese sprays giant ChemChina of a controlling stake in MA Industries in a deal expected to be completed by October.

The reassurance helped MA Industries shares gain 2.6% to 19.04 shekels in Tel Aviv on what was a poor day for other stocks, following the downgrade of America's credit rating by Standard & Poor's and continuing jitters over eurozone debt.

There were few other gainers in the agricultural commodities space, with a 5.6% rise in London by alternative agrichemicals minnow Plant Health Care among other standout performances.

Shares showing relatively small falls included Tate & Lyle, the sweeteners and starches group which is the subject of periodic takeovers rumours, which closed down 0.6% in London.

Sustainable palm oil group New Britain Palm Oil recorded a similar loss.

In New York, losses in Tyson Foods were limited by forecast-beating results.

However, the group's forecast of continued weakness in chicken depressed Pilgrim's Pride, which shed 15.6%.

In San Paolo, Brazilian meat giant Marfrig lost one-quarter of its value, some R$775m ($475m) following a jump in short-selling, with traders borrowing 15.3m shares in the group as of Friday, up from 7.9m shares on Monday, Bloomberg data show.

In Singapore, commodities giant Noble Group tumbled 5.5% to end at Sing$1.535, after earlier hitting Sing$1.510, the lowest since October 2009.