Analyst Does Not Expect Recovery In Potash Prices During 2014
Cleveland Research's Michael Piken issued a research note discussing potash prices early Friday. Although the Street seems to be shrugging at the report (the Market Vectors Agribusiness ETF (NYSE: MOO) is up about 0.8 percent at last check), Piken's did make several notable comments.
The analyst believes prices for potash are not likely to recover in 2014 given a continuing imbalance related to subsidies in India and inventories for carryover producers which seem to be high. Pikens voiced concern potash purchasers seem to be signaling they will not be willing to assume speculative positions for the upcoming spring.
Around the Ag sector Friday morning, shares of Potash (NYSE: POT) are trading up about 0.4 percent, Agrium (NYSE: AGU) shares are down 0.5 percent, Mosaic (NYSE: MOS) shares are leading the way up 1.2 percent, and shares of CF (NYSE: CF) are down 0.2 percent.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.