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 Mosaic Company (NYSE: MOS) jumped more than 10% in intraday trading, as the entire agriculture sector caught fire.

So What: The U.S. Department of Agriculture announced that the U.S. corn crop would be significantly lower than previously expected. The announcement means that corn supply will be tight, which is lousy news for companies like Tyson Foods (NYSE: TSN) and Archer-Daniels-Midland (NYSE: ADM), which have corn as an input price. But it also means that prices will push higher, and farmers will likely spend more on fertilizer products from companies like Mosaic as they look to take advantage of the higher prices.

Now What: The entire agriculture sector is red-hot thanks to the USDA's announcement, and it doesn’t hurt that big miners like Rio Tinto (NYSE: RTP) and BHP (NYSE: BHP) are trying to beef up their fertilizer exposure. Obviously, increased demand for fertilizers would help companies like Mosaic, but investors who are interested in longer-term investments will still want to focus on the best companies in the sector.

Interested in more info on Mosaic? 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 Wookiees were harmed in the making of this article.