underlying commodity nearly doubles in 3 month, page-16

Hi fss - it's usually sold on a contract basis to fertilizer manufacturers of DAP or triple super phosphate etc. Larger Co's who use it as the feedstock to create these fertilizers. eg MAK may sign an agreement to supply so many tonnnes for the next 6 months to a NZ or Indian fert co for a certain price which is privatly negotiated. Most the time the price settled on is confidential and is dependant on quantity, P2o5 level,levels of contaminants,frieght etc. Some of these sales are made public or are put out to tender and are the source of fertilizer price commentary available for a subscription fee.