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Canpotex agreed a contract to sell potash to China through year-end at US$307 per tonne, 48% below the previous China contract and 27% below a recent India contract. Shares of Nutrien and K+S have fallen sharply from highs about 14 months earlier, and a Scotiabank analyst believes the bottom has arrived.
The lower Canpotex benchmark sets a new global reference price for potash, which lowers fertilizer costs for grain and oilseed growers and signals weaker producer margins for the rest of 2023.
theglobeandmail.comDavid BermanJun 16, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
