You can't have a tightening of credit to agriculture (eg rising long term interest rates - up around 9% now for 5 year fixed, declining earnings from lower grain prices, and falling farmland values) and expect fertilizer prices to rebound in any significant way. Farmers chose to reduce fertilizer consumption in 2009. In 2010 it will be their banks that enforce a continuation of that policy. Fertilizer is a debt driven industry ...
the fertilizer standoff is coming to an end, page-11
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