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In Scotiabanks Commodity Price Index, released this past Wednesday, economics VP and commodity market specialist Patricia Mohr voiced her bullish stance on the potash industry.

Potash prices at the Port of Vancouver climbed to $490 per tonne in July, and another $30-$40 per tonne increase is likely before autumn in the Northern Hemisphere, according to the price index.With strong demand in most of Asia and Latin America, producers may aim for a spot potash price (granular grade) approaching $600 cost and freight by late 2011,added Mohr.

The Commodity Price Index showed that spot potash prices for standard grade (FOB) rose from US$445 per tonne in May to US$481 in June and US$490 in July. The likelihood of a successful third price increase is supported by the fact that inventories are already razor thin and the fact that both BPC and Canpotex have successively raised prices in Brazil and Southeast Asia twice this year.