Potash price is down $15/ton
Weak demand has boosted stocks
Tom Stundza -- Purchasing, 11/4/2009 2:05:33 PM
Wholesale potash inventory levels remain relatively high, according to analysts, explaining why the Midwest market price has slipped to $440/ton early this month from an average $455 in October.
"October was a quiet month for potash producers as the major North American markets saw relatively little activity," according to Industrial Minerals magazine. Also, the weaker domestic potash price reflects discounting by sellers as demand remains exceptionally weak, especially given prevailing wet weather conditions, according to analysts.
Farmers have reduced the per-acre amount of the plant and crop nutrient applied in North America, but crop yields haven't been negatively impacted from substantially reduced potash application rates. So, the analysts speculate that an inventory drawdown may extend through the first quarter of next year.
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