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Something rare and unusual happened today: a cartel broke itself up. This happened in the potash industry.
July 30- The breakup of Europe's largest potash fertilizer cartel will change the game for its North American counterpart, Canpotex Ltd, forcing the company to accept lower prices that will hurt profits and keep shares low.
*Mosaic, Potash Corp sink after Russia quits top potash cartel. Mosaic Co stock was among the biggest drags on the S&P 500, sinking 18.1 percent to $43.38 after Russia's Uralkali dismantled one of the world's largest potash partnerships by pulling out of a venture with its partner in Belarus, a move it expects will drive global prices down 25 percent.
A pick-up in euro zone consumer and business confidence gave stock markets an initial boost as they await policy clues from the Federal Reserve, European Central Bank and Bank of England, and Friday's U.S. jobs report for July. Verizon and Mosaic led a selloff in the telecoms and materials sectors. "
*Mosaic, Potash Corp sink after Russia quits top potash cartel. Mosaic Co stock was the S&P 500' s biggest percentage decliner, falling 20 percent to $42.39 after Russia's Uralkali dismantled one of the world's largest potash partnerships by pulling out of a venture with its partner in Belarus, a move it expects will cause global prices to plummet 25 percent.
*Expects prices to fall to $300 a tonne from $400 a tonne. "It is as if Saudi Arabia decided to leave OPEC- oil prices would fall immediately," said Dmitry Ryzhkov, equity sales trader at Renaissance Capital. U.S.-listed shares of the Canpotex owners- Potash Corp of Saskatchewan, Mosaic Co and Agrium Inc- plummetted, cutting their market value by around $14 billion.
NEW YORK, July 30- Shares rallied on Tuesday as a heavy session of data supported growth prospects heading into this week's three big central bank meetings, while the U.S. dollar came off its recent five week low. Federal Reserve, ECB and Bank of England this week.
*Mosaic, Potash Corp tumble after Russia quits top potash cartel. NEW YORK, July 30- U.S. stocks recovered the previous day's losses on Tuesday after earnings from Pfizer and others gave the market support, but Mosaic and other potash producers tumbled on expectation of a global price decline.
The world's largest potash consortium is in jeopardy after Russian company Uralkali backed out of a venture with its partner in Belarus. This is spilling over into fertilizer stocks.
*Russia's Uralkali exits Belarus venture after "deadlock". *Expects prices to fall to $300 a tonne from $400 a tonne. U.S.-listed shares of the Canpotex owners- Potash Corp of Saskatchewan, Mosaic Co and Agrium Inc- plummetted before normal trading hours, cutting their market value by around $14 billion.
*Mosaic, Potash Corp tumble after Russia quits top potash cartel. NEW YORK, July 30- U.S. stocks were set to rise slightly at the open on Tuesday, bouncing back from a decline on Monday, as investors braced for consumer data in a week packed with economic numbers and a Federal Reserve policy statement.
Russia's Uralkali has dismantled one of the world's largest potash partnerships by pulling out of a venture with its partner in Belarus, a move it expects will cause global prices to plunge by 25 percent.
July 16- Falling prices of phosphate and potash dragged down quarterly profits for Mosaic Co, and the U.S. fertilizer producer said it expects a further drop amid soft demand from Indian buyers and a lapsed contract with China.
July 16- Mosaic Co will run its Canadian potash mines at less than 75 percent of capacity collectively for maintenance in the current third quarter, as prices for the crop nutrient slip.
July 16- U.S. fertilizer company Mosaic Co on Tuesday reported a lower quarterly profit as phosphate and potash prices slipped. Delayed spring planting in the United States due to cool weather compressed the usual fertilizer application season for producers like Mosaic, Potash Corp of Saskatchewan, CF Industries Holdings Inc and Agrium Inc..
NEW YORK, July 11- At least three shareholders who collectively hold nearly 3 percent of Dell Inc's shares plan to vote against Chief Executive Michael Dell's $24.4 billion buyout offer, raising questions about shareholder proxy adviser Institutional Shareholder Services' sway with the PC maker's shareholders.
June 14- North American domestic sales of crop nutrient potash soared in May, when demand from spring planting whittled down large inventories at the mine level, according to data posted on Potash Corp of Saskatchewan's website. Domestic sales, mainly to the United States, jumped 61 percent from April to 1.062 million tonnes.
MOSCOW, June 14- Russia's Uralkali, the world's largest potash miner by output, sees room for global fertiliser prices to rise without attracting new competitors into the market, its head of sales said.
*Farmers overwhelm fertilizer dealers as weather improves. CHICAGO, June 13- The frenzied push to plant this year's U.S. corn crop in the face of repeated delays has exposed a strained link in the agricultural network: fertilizer.
Big investors are reporting their quarterly holdings, offering a glimpse into what some of the big fish were buying and selling during the first quarter.