TABLE OF CONTENTS


  

 
 
EXECUTIVE SUMMARY 3
FERTILIZER BACKGROUNDER 6
MODERATE CORN PRICES AND HIGH INPUT COSTS LIMIT UPSIDE SURPRISES... 15
RECOVERY IN FERTILIZER DEMAND IN 2010 GIVEN UNDERAPPLICATION IN 2009 19
POTASH – LOW CAPACITY UTILIZATION AND CAPACITY EXPANSIONS SUGGEST... 21
MODEST PHOSPHATE PRICE RECOVERY BASED ON PRODUCTION CUTS AND... 26
MODEST NITROGEN PRICE RECOVERY BASED ON STEADY LONG TERM SUPPLY 30
APPENDIX I – COMPANY DESCRIPTIONS 36
APPENDIX II – SUMMARY DETAILS OF CHINESE EXPORT TAXES 40
APPENDIX III – CORN ETHANOL BACKGROUNDER 41
GLOSSARY 44
DISCLOSURES 45