Replies to post #2347 on Grains Oilseeds

[johnlw]

Agrium, rivals hit new records

From Herald News Services

Tuesday, April 15, 2008

Potash - Agrium Inc., North America's third-largest crop nutrient maker, rose the most in a month in Toronto trading, and two rivals reached records, after Russian producer OAO Uralkali forecast potash prices to surpass $1,000 a tonne this year.

Agrium shares also climbed to the highest on record, gaining 6.7 per cent to $78.09, in their biggest gain since March 11 on the Toronto Stock Exchange. The shares had advanced 58 per cent in the past year before Monday.

Potash may reach $1,000 a tonne "rather fast" because the world is producing 1.2 million tonnes less than needed, Oleg Petrov, head of sales for Berezniki, Russia-based Uralkali, told investors Monday on a conference call. A price of more than $1,000 would be a fivefold increase from last year.

Agrium also gained after UBS AG analyst Brian MacArthur raised his price target on the Calgary-based company's New York-traded shares by 9.2 per cent to $95 US.
© The Calgary Herald 2008