Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of fertilizer specialist CF Industries (NYSE: CF) leapt 10% in intraday trading, after the Department of Agriculture announced that the corn crop would be significantly lower than it previously expected.

So what: The USDA's announcement sent corn prices shooting skyward. As in any other industry, higher prices will encourage more production. And if farmers want to increase production, you can bet that they'll be knocking on the doors of fertilizer producers such as CF Industries.

Now what: The entire industry, including PotashCorp (NYSE: POT), Mosaic (NYSE: MOS), may be looking at good times ahead. And when it comes to overall interest in the sector, the fact that large, diversified miners such as Rio Tinto (NYSE: RTP) and BHP (NYSE: BHP) are interested in increasing their exposure only helps. That said, it's important for investors to remember that while a single crop report like this will be a near-term boost, those with long-term investing horizons should still make sure to focus on the highest-quality and best-managed among the group.

Interested in more info on CF Industries? Add it to your watchlist.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool’s disclosure policy assures you no Wookies were harmed in the making of this article.