Commodities & Metals
Canpotex Owners Surge On Potash Price Hikes For China (POT, MOS, AGU, MOO)
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There was a significant agreement out of Canada between it and China, via Canpotex (Canadian Potash Exporters). Canpotex is the world’s largest exporter of potash. Canpotex announced potash price increases between Canpotex and Sinofert in China, which actually will be paid out the rest of 2008.
This calls for shipment of 1 million metric tons of potash at $576 per metric ton, which appears to be a $400 per metric ton increase over the 2007 price.
This is going to add significantly again to fertilizer and potash players involved, and all are trading higher in pre-market trading. Companies which own Canpotex are Mosaic Inc. (NYSE: MOS), Potash Corp. of Saskatchewan Inc. (NYSE: POT), and Agrium Inc. (NYSE: AGU).
Pre-market movers are:
- Mosaic Inc. (NYSE: MOS) up over 3.7% at $132.40, above the $129.93 high over the last 52-weeks.
- Potash Corp. of Saskatchewan Inc. (NYSE: POT) up 4% at $184.41, 52-week range is $58.87 to $185.49.
- Agrium Inc. (NYSE: AGU) up over 4.5% at $82.70; above the $80.67 high over the last 52-weeks.
These are actually up enough that they are moving the key ETF, the Market Vectors Global Agribusiness ETF (AMEX: MOO) by over 2% to $61.50. That 52-week trading range was $40.19 to $60.62.
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Jon C. Ogg
April 16, 2008
Jon Ogg produces the Special Situation Investing Newsletter. He can be reached at [email protected] and he does not own securities in the companies he covers.
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