PotashCorp, the world’s largest fertiliser company by capacity, says strong market fundamentals continue to boost earnings.

Potash margins increased by 82% in the first quarter of 2017 to $160m, reflecting higher sales volumes and reduced per-tonne costs.

First-quarter sales volumes increased 22% to 2.2m tonnes.

While North American volumes were 10% higher, offshore shipments increased by 31% due to stronger demand in all key markets. Nutrient affordability and lower inventories increased buying during the first quarter, according to the company.

It expects strong demand to continue through the remainder of the year. In North America, it believes fertiliser affordability and the need to replenish soil nutrients following 2016’s record harvest will contribute to healthy demand at farm level. In South America, it expects affordability of nutrients to continue to support a positive demand environment.

PotashCorp’s Canadian potash operations represent more than one-fifth of global capacity and it expects to sell more than 9m tonnes in 2018.

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