nortexsook
Well-known member
Potash is being killed down about 9 bucks, they disappointed on earnings and now the Potash Cartel is in question.
Maybe a trading opportunity here, I will be following it closely today.
Fertilizer companies, mainly those in the PotashPOT.T +1.99% business, are getting hit hard in premarket trading after Russian fertilizer company UralkaliURALL -15.46% suggested potash prices could fall sharply.
Uralkali said Tuesday it was pulling out of its sales partnership with Belarus, scuttling one of the world's largest ventures of its kind and signaling an end to a global cartel that had commanded around 70% of the world market. Uralkali said the move would likely result in potash prices plummeting to about $300 per ton by the end of year.
Potash Corp. just last week cut its outlook for the rest of the year after weaker second-quarter results, and said it was hurt by competition and falling potash prices, which were down 22% to $356 per ton. Potash shares rose more than 2% yesterday, despite a Raymond James downgrade which cited the weaker results and guidance.
Potash down 23% to $29 in premarket action. Mosaic Co.MOS -22.51% falls almost 19%, Agrium Inc.AGU.T +3.39% slides 12% and Monsanto Co.MON -0.89% declines 3.2%.
Maybe a trading opportunity here, I will be following it closely today.
Fertilizer companies, mainly those in the PotashPOT.T +1.99% business, are getting hit hard in premarket trading after Russian fertilizer company UralkaliURALL -15.46% suggested potash prices could fall sharply.
Uralkali said Tuesday it was pulling out of its sales partnership with Belarus, scuttling one of the world's largest ventures of its kind and signaling an end to a global cartel that had commanded around 70% of the world market. Uralkali said the move would likely result in potash prices plummeting to about $300 per ton by the end of year.
Potash Corp. just last week cut its outlook for the rest of the year after weaker second-quarter results, and said it was hurt by competition and falling potash prices, which were down 22% to $356 per ton. Potash shares rose more than 2% yesterday, despite a Raymond James downgrade which cited the weaker results and guidance.
Potash down 23% to $29 in premarket action. Mosaic Co.MOS -22.51% falls almost 19%, Agrium Inc.AGU.T +3.39% slides 12% and Monsanto Co.MON -0.89% declines 3.2%.
