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News Breaks | | | | December 31, 2012 | | 13:44 EDT |  | AGU, MOS, POT | Fertilzer companies rise after joint venture reaches Chinese deal
Fertilizer makers are advancing after fertilizer marketing company Canpotex reached a deal to supply 1M tonnes of potash in the first half of 2013 to China's Sinofert Holdings, according to PotashCorp (POT). Canpotex is jointly owned by PotashCorp along with fellow fertilizer makers Agrium (AGU) and Mosaic (MOS). Under the agreement, Sinofert will pay $70 per ton less than its previous contract price with Canpotex, which was agreed to in March 2012. In a note to investors, Citigroup wrote that the contract price was somewhat lower than it had expected. Moreover, the firm remains cautious on the sector due to the uncertainty regarding demand in India and the possibility that there could be downward pressure on prices in other key markets. On the other hand, the deal between Canpotex and Sinofert creates a floor for global potash prices and provides some clarity on the market for early 2013, the firm added. Citigroup maintained Neutral ratings on shares of Potash, Mosaic and Agrium. In mid-afternoon trading, PotashCorp rose 2.44% to $40.74, Mosaic gained 2.17% to $56.41 and Agrium added 2.38% to $100.31. | |
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News For POT;AGU;MOS From The Last 14 Days Check below for free stories on POT;AGU;MOS the last two weeks. |
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| May 20, 2013 | | 08:04 EDT |  | POT, AGU | BofA/Merrill's U.S. chemicals analyst holds an analyst/industry conference call
 Subscribe for More Information | | | May 16, 2013 | | 09:17 EDT |  | POT | Potash upgraded to Buy from Hold at BGC Partners
Price target raised to $49. | | | May 15, 2013 | | 17:21 EDT | | POT | Potash increases quarterly dividend 25% to 35c per share
Subscribe for More Information | | | 07:31 EDT | | AGU, MOS | BMO Capital to host a conference
Subscribe for More Information | | | May 14, 2013 | | 13:55 EDT | | POT | Potash CEO says will be focused on returning cash to shareholders
The company cites healthy free cash flow. | | | 13:37 EDT | | POT | Potash CEO sees 2013 as a recovery year for potash
Subscribe for More Information | | | 13:10 EDT | | MOS | Mosaic would resume potash expansion if BHP cancels Jansen project, Reuters says
Subscribe for More Information | | | May 13, 2013 | | 14:45 EDT |  | MOS | Mosaic shares defended at Citigroup
Subscribe for More Information | | | 13:28 EDT | | MOS | Mosaic lower after deferring potash expansion
Mosaic, which produces and markets phosphate and potash crop nutrients for the agriculture industry, is trading lower after saying it is scaling back its potash expansion on a company conference call. WHAT'S NOTABLE: Mosaic CFO Larry Stranghoener said the company is deferring a project to add 2M metric tons a year of potash production capacity. Stranghoener added that the company will reassess market conditions within the next 12 to 24 months and "make a determination at that time whether those projects are warranted." PRICE ACTION: Mosaic shares are trading down $2.23 or 3.52% to $61.05 in afternoon trading. | |
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