On the contrary, the ethanol story has only just begun. There are two parts to this story. The emergence and collapse of grain based ethanol and then the emergence and massive growth of biomass based cellulosic ethanol - ethanol from currently unvalued feedstocks eg organic wastes, agricultural wastes.
Which of course means that we are also at the very early stages of a major secular bull market for fertilizers as well. Its one thing to remove grains but to also remove the rest of the crop from fields requires a near doubling of fertilizer applications for some nutrients such as potash.
I'll be hanging onto my fertilizer shares for a long time. All I need do is watch the prices of fertilizer to know when supply capacity is making any headway into the burgeoning demand base.
