Potash Demand Trends And Trade ? Introduction

The past year has been a strange one for the fertilizer industry of the world and the United States. Listening to news stories, you would think the sky is falling on the world's agriculture and probably conclude that we should have had an exceptionally poor fertilizer season. In some respects, we did. Prices were low, profits were low, and in some cases nonexistent, but volume was good. We heard much in the press about the farmers' credit crunch. The truth of the matter is that only 6.6 percent of the U.S. farmers have debt-equity ratios of 70 percent or more, and a large percentage of our farmers have absolutely no debt but operate entirely on their own cash assets.