India out big on Potash ... hmmm maybe INDIA will be coming on fast for Allana., I only wish we could be producing next year.. stock is a steal .. IMHO Todays news at 7:30 PM
Canpotex Ltd., the North American cartel of potash producers, has no spare supply to sell to India this quarter and won’t resume negotiations with Indian buyers until “late” in the period, Mosaic Co. (MOS) Chief Executive Officer Jim Prokopanko said.
Canpotex’s “cupboard is bare,” Prokopanko said yesterday in a telephone interview from Mosaic headquarters in Plymouth, Minnesota. “There’s nothing to talk about until we have a better assessment of what’s going to be available.”
Talks between Canpotex and Indian importers ended in late June when Canpotex agreed to deliver 630,000 metric tons to China in the second half, Prokopanko said.
The Indian Farmers Fertiliser Cooperative Ltd., a group representing 55 million farmers, said in May it would halt purchases of the crop nutrient unless Canpotex and other suppliers agreed to its conditions, including a 10 percent discount from the spot price. Canpotex is the marketing arm of North America’s three largest producers: Potash Corp. of Saskatchewan Inc., Mosaic and Agrium Inc. (AGU)
“Both the Indians and the Chinese understood -- we were perfectly clear -- that there would likely be enough tons only to serve one or the other of their requirements,” Prokopanko said. “This isn’t a matter of price discussion. This is a matter of supply.”
The producers of the form of potassium had expected negotiations with Indian importers and distributors to be completed by June, according to comments in April from Potash Corp. Chief Executive Officer Bill Doyle.
Indian Purchases
India bought 6.4 million metric tons of potash in the year ended March 31, according to the Fertiliser Association of India.
