It's been a great run in potash related stocks and Ag overall. My basic thesis when the Russian broke the cartel in potash was that it was just a matter of time before the entire industry fought back and kept it together.
Meanwhile potash fundamentals have a self-correcting element to them - you can't delay but you can't avoid fertilization. Food wars seem like a thing from 2007 but actually will be here again.
Demand is NOT going down, nor will it. There can always be a supply response so don't get too giddy on spot pricing but know that there is tremendous balance in potash and nitrogen fertilizers right now. Next year we could very well be in deficit.
Yesterday I mentioned the estimate for India demand next year is +16%
Stay long POT or add on weakness. $38 is a key level to push through but $34-$35 is battle tested support IMO. $32 stop (LONG)