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The hole for potash miners is getting deeper. World
potash inventories grew substantially in January and now match levels
seen at the height of a 2009 industry downturn, Dahlman Rose says.
That
means "pressure on potash price is likely to build," which is negative
for Mosaic (MOS) and Potash Corp (POT), which have already cut
production.
Rival Agrium (AGU) likely to join in making cuts, Dahlman
adds. Delayed purchasing from China and India, along with stubborn US
farmers who aren't buying, are helping to cause the ballooning potash
inventory.
(ian.berry@dowjones.com)
Call us at (212) 416-2181 or email john.shipman@dowjones.com
(END) Dow Jones Newswires
