U.S. Fertilizer Stocks Higher After Reaching Agreement With China's Sinofert (AGU) (MOS) (POT)
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This morning Canpotex Limited (Canpotex), an exclusive offshore marketing company owned by the three Saskatchewan potash producing companies: Agrium Inc. (NYSE: AGU), Mosaic Canada Crop Nutrition, LP, a subsidiary of The Mosaic Company (NYSE: MOS), and Potash Corporation of Saskatchewan Inc. (NYSE: POT), announced that it has reached agreement with Sinochem Fertilizer Macao Commercial Offshore Limited, a subsidiary of Sinofert Holdings Limited (Sinofert), to supply 1,000,000 tonnes of potash in the first half (January - June) of calendar year 2013 at price levels which reflect a US$70.00 per tonne reduction from the last contract price established in March, 2012.
The agreement is pursuant to the three-year Memorandum of Understanding signed with Sinochem Fertilizer Macao Commercial Offshore Limited in October, 2010. Steven Dechka, Canpotex's President and Chief Executive Officer, stated that this latest agreement demonstrates the continued confidence Sinofert has in Canpotex's ability to meet the growing needs for potash in the important China market.
Sinofert is China's largest integrated agricultural company and a long-term business partner of Canpotex. Sinofert and Canpotex continue to collaborate on extensive market development programs in China that provide Chinese farmers with the educational tools needed to improve yields through balanced fertilizer application and other best farming practices.
The agreement is pursuant to the three-year Memorandum of Understanding signed with Sinochem Fertilizer Macao Commercial Offshore Limited in October, 2010. Steven Dechka, Canpotex's President and Chief Executive Officer, stated that this latest agreement demonstrates the continued confidence Sinofert has in Canpotex's ability to meet the growing needs for potash in the important China market.
Sinofert is China's largest integrated agricultural company and a long-term business partner of Canpotex. Sinofert and Canpotex continue to collaborate on extensive market development programs in China that provide Chinese farmers with the educational tools needed to improve yields through balanced fertilizer application and other best farming practices.
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