As a result of drought and tough growing conditions last year, global wheat and coarse grain production are projected to fall by 4.5 percent in the 2012 to 2013 grain year. Global grain consumption is also forecast to fall by 2 percent in response to slower production; that will create a production shortage of 40 million tonnes, according to data from Potash Corporation of Saskatchewan (TSX:POT,NYSE:POT).China-based Sinofert Holdings' (HKEX:0297) renewal of potash contracts with Canpotex — the offshore potash marketing arm of Mosaic, PotashCorp and Agrium (TSX:AGU,NYSE:AGU) — on December 31 shows strong agricultural demand from the world's second-biggest economy despite the fact that the contract was settled at a lower-than-expected price.
Mosaic's Profits Fall On Phosphate Prices, But CEO Forecasts Growth In 2013
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