Morgan Stanley is cutting its operations in commodities and quitting the agricultural sector. The bank will maintain and grow some areas with indirect exposure to agriculture such as fertilizer products and the group’s biofuel operations will be merged into the global oils division. Morgan Stanley’s move follows the same by other banks. Germany’s DZ Bank and Barclay’s have both cited moral or reputational reasons for their removal from ag commodities while Morgan Stanley is citing a reduction in the revenue pool and increased regulatory compliance requirements and capital costs.