Over the past year the price of potash has fallen from a peak of about $475 to just under $300 currently.  This drop in price impacts AGU less than POT or MOS but it is still a bit of a drag on us
However there may be relief on the way.  Canpotex members, especially Potash Corp and Mosaic have been curtailing production and reducing inventory recently.  So much so that some supplies are now sold out for the next several months.  Demand in the Americas is strong while India is still slowish.  We could see the price of potash migrate up towards $400 in the year ahead.  

The outlook for AGU was already very bright.  This potash inventory trend may make the outlook even brighter