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compass minerals bullish on sulfate of potash

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    Excerpt from link below:


    Posted 28/2/2008

    World Supply

    Tight supplies of both kinds of potash have jacked up prices. When the standard of living rises in emerging economies, the first thing people tend to change is their diet.

    It's a diet that upgrades from basic staples, such as rice, to one that now includes proteins and a wider variety of crops.

    "That's driving the need for better fertilization of land, and in turn driving SOP demand," Underdown said. "The amount of arable land in the world isn't growing, but people's consumption is. SOP helps increase crop yields."

    While risks of a looming U.S. recession strain financial markets and world economies, Underdown says Compass' business is recession-resistant.

    In economic downturns, state and local municipalities tend to cut from other areas of the budget before they cut de-icing, Underdown says. The fertilizer business benefits from robust growth in emerging nations, offsetting slower U.S. growth.

    Said Silver: "We believe its business possesses little or no sensitivity to volatility in either the broader economy, raw materials or energy costs, import competition or financial markets."
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