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Bloomberg reported that the rise of grain prices due to drought in the US will likely cause the price of potash to go up for China, the world’s largest potash consumer.
Bloomberg reported that the rise of grain prices due to drought in the US will likely cause the price of potash to go up for China, the world’s largest potash consumer, according to Mosaic Co.
As quoted in the report:
Corn futures have jumped 52 percent in Chicago in the past month and soybeans have climbed 21 percent as the worst U.S. drought in a generation damages crops. Mosaic Chief Executive Officer Jim Prokopanko said that will influence talks currently in progress between China and North American potash suppliers about a six-month supply accord.
Mosaic CEO Jim Prokopanko commented:
That strengthens our hand. The more grain is worth, the more fertilizer is worth.