The Potash Industry and why BHP wants in
|
|
- Briana Fletcher
- 7 years ago
- Views:
Transcription
1 The Potash Industry and why BHP wants in Daniel Fitzgerald, Senior Equities Analyst GVI BHP s US$39bn bid for Potash Corp of Saskatchewan, currently the world s largest proposed acquisition, is very topical and has clearly brought everyone s attention to the potash market. So why might BHP be interested in such a market and what is the long-term growth profile like for the industry? Before we answer these questions we should probably start at the beginning and look at the background of potash. What is Potash? Potash or potassium carbonate is a salt-like mineral which is mined for use primarily in fertilizer production. It is one of three key fertilizer macro nutrients that are essential for healthy soil and plant growth. It is generally used in combination with two other macro nutrients (nitrogen and phosphorus) to produce a range of fertilizers that are used depending on the soil type. There is annual repeat demand for such fertilizers each year as nutrients are depleted from the soil with the harvesting of crops. Potassium is essential to the workings of every living plant cell, plays an important role in plants water utilization and also helps regulate the rate of photosynthesis. It also helps grow strong stalks, protects from extreme temperatures, provides more ability of the plant to fight stress and extends the shelf life of agricultural products. Importantly, there is no substitute to potash. World potash consumption by crop can be seen in the chart below with wheat, fruit / veg, rice and maize accounting for the majority of consumption. Potash ore reserves have been identified in 21 countries world-wide and currently the economic extraction of potash is limited to only 12 countries (Russia and Canada mainly). Most countries rely on imports to satisfy demand and it is imported by more than 100 countries world-wide. Potash Consumption by Crop Potash Production and Sales by Region World Potash Consumption Other oil seeds 6% Sugar Crops Cotton 3% 5% Wheat 23% Oil palm Soybean 5% Fruit & Veg Other coarse grains 16% Rice Maize 15% Page 1
2 The Potash Market and why BHP wants in Demand for fertilizer and potash is to be relatively strong going forward. The UN Food and Agriculture Organisation (FAO) estimates that the total world demand for agricultural products will be 60% higher in 2030 than it is today with over 85% of this additional demand to come from developing countries 1. Industry expects medium term demand for Potash to be in the region of 3-5% with significant growth potential in emerging agricultural markets such as Brazil, Argentina, China and Ukraine given under application historically in these markets. Agricultural Potash Consumption by Region So what else is driving this demand growth? There are 2 main drivers - first, a growing world population. The UN estimates population growth of ~1% out to 2050 and this means more demand for food, feed and fibre. Secondly, the wealth effect. Higher living standards, especially from Asia increases demand for food and especially for meat. Meat consumption in South America, Asia and Africa are significantly below that of Western Europe and the US and as such there is significant potential for further growth. Also, growth in meat consumption means a disproportionate increase in grain and feed demand as it takes many multiple kilograms of grain to produce a kilogram of meat 2. 1 Fertiliser s Role in World Food Production The Fertiliser Institute (Potash Corp s website) p.2 2 K+S presentation, Dresdner Kleinwort German Investment Seminar, NY Jan 2009 Page 2
3 Meat Consumption per Capita Yields of Cereals in Selected Regions China, remains one of the largest net importers of potash, despite a producing a reasonable volume per year. Demand growth has been strong historically with 10% compound growth over the past 20 years 3. Its needs are set to increase as urban growth shrinks arable land and the country looks to increase crop yields to feed an increasingly affluent population. Currently the country is using about 7 per cent of global arable land to feed about 20 per cent of the world population 4 and as such yield and proper fertilization remain key. Other demand drivers which support a positive demand scenario for fertilizers are the increased use of bio-fuels (especially in the US and Brazil) and the high current soft commodity prices which are supported by low inventories in some crops. In terms of the supply of Potash, the industry is relatively consolidated with the top 6 producers controlling over 75% of the overall market. However, it is actually even more consolidated than market share data might suggest as the Russian and North American companies both market as collective organizations ( BPC in the case of Russia and Canpotex for the North American Companies) and as such, these two organizations represent over two thirds of the global marketed volumes. In terms of new capacity coming online over the next 5 years, the majority of the new capacity is to come from North American and the Russian producers and as such the relative position of these producers will strengthen further. It should also be noted that potash mines have very long lead times with a greenfield mine, estimated to take up to 7 years to complete. Also, new mines are expensive, with a new two million tonne mine estimated to cost a minimum of US$2bn. These factors are a barrier to entry for new competitors. 3 FT China s fertilizer needs in view L.Hook, August , page 14 4 ibid Page 3
4 Source: Fertecon, Public Filings, PotashCorp BHP is not the only company looking at consolidating the potash space. The Russian producers (Uralkali and Silvinet) are potentially looking to merge their operations to create a strong global player (would make them world #2) and they are also talking to the Belarussian potash producer (Belaruskali) about a three way tie-up. If this were to go ahead this would create the largest potash producer in the world with around one third of the overall market. Why Potash Corp and why now? Potash Corp is a tier 1 asset - it is the world s largest potash producer by capacity with a market share of approximately 23%. It is one of the lowest cost producers, has vast reserves and has the largest potential for growth going forward with capacity set to increase by ~50% by 2015, accounting for over half of all new global capacity growth in that time. BHP understandably has fairly stringent acquisition criteria and Potash Corp meets those criteria in that it is a market leader, is low cost/high return, is expandable and is export orientated (especially to emerging markets). Potash assets are also scarce, of the listed companies globally only two have an open register and could be acquired- Potash Corp and the German producer K+S (which GVI owns). The rest of the listed companies have either blocking stakes, government ownership or are in difficult mining jurisdictions (Russia). In terms of the timing, one could argue that the market is changing quite quickly given the aforementioned consolidation and as such BHP is somewhat being forced to act if they want to be a meaningful player in the short-medium term. Whilst BHP has Potash assets these are not to be fully operational until 2018 and even then the company would be likely to have only a marginal market share. If BHP wants to be a meaningful player in the potash space, Potash Corp is the logical fit. The bid itself is Page 4
5 well timed with the potash market normalizing after a downturn in 2009 and volumes have recovered sharply. The issue is price and what BHP are prepared to pay for such an asset. The market price of Potash Corp currently indicates that the market anticipates a higher bid and certainly the negative reaction of the directors of Potash Corp, suggest that to be successful, a higher bid is needed. Whilst GVI is not a direct shareholders of Potash Corp or BHP, we are getting exposure to the potash market through our exposure to K+S, Western Europe s largest producer. If Potash Corp is taken over by BHP, K+S will be the last available company of meaningful size that can realistically be acquired in the potash industry. Interestingly, the company is already of interest with a Russian investor having taken a 15% stake in the company. Conclusion In short, we remain positive on the potash market as the long-term dynamics are favourable. Demand should remain robust supported by population growth, a rising wealth effect and increased usage in emerging markets. Combined with that, supply is consolidated and new mines are expensive and have long-lead times. At present there are no ways to invest in potash on the Australian share market. Why GVI owns K&S GVI seeks to own businesses that have strong business models, excellent management and are priced attractively. K+S demonstrates all of these factors and was identified as one with a high exposure to the positive dynamics in the potash market. K+S will continue to generate very strong cash flows going forward as well as growing earnings and dividends over time. The company is now one of two companies globally that is available to be purchased and further interest in potash assets remains highly likely, especially from those countries which are short potash (Brazil and China). We see much further upside to the K+S share price and as such are happy shareholders given the scarce nature of their assets. Page 5
FERTILIZER OUTLOOK. Knowledge would often confuse them. Barrie Bain Director of Fertilizer Intelligence FERTECON Limited
FERTILIZER OUTLOOK Knowledge would often confuse them by Barrie Bain Director of Fertilizer Intelligence FERTECON Limited Nomura Global Chemical Industry Leaders Conference, Venice, 21 March 2013 FERTECON/
More informationThailand s Great Undeveloped Resource
Thailand s Great Undeveloped Resource INVESTMENT STRATEGY The primary goal of is to aggregate a significant land package targeting potash, at a very low cost of entry, 6 claims for a total of 96 sq. km.
More informationSection Potash first WORLD S TEN LARGEST FERTILIZER COMPANIES POTASHCORP GROSS MARGIN CONTRIBUTIONS. PotashCorp Is the Largest Producer by Capacity
FOR MORE GROWTH Fertilizer is for the future the future of the world and its growing population, the future of our company. Our focus on the needs of tomorrow has encouraged us to put Potash First, and
More informationMarket Monitor Number 3 November 2012
Market Monitor Number 3 November 2012 AMIS Crops: World Supply-Demand Balances in 2012/13 World supply and demand situation continues to tighten for wheat and maize but rice and soybeans have eased. In
More informationFood, Feed & Fuel - Farmland Investing Explained. Enquirica Research
Food, Feed & Fuel - Farmland Investing Explained Enquirica Research Investing in Canadian Farmland Canadian farmland continues to receive favorable attention from alternative investors. We believe it stems
More informationPrice instability and competition law: the case of the potash cartel
Price instability and competition law: the case of the potash cartel Frederic Jenny Professor of economics, ESSEC Business School OECD Global Forum on Trade and Competition 2012 1) This presentation is
More informationShort-Term Fertilizer Outlook 2014 2015
A/14/140b November 2014 IFA Strategic Forum Marrakech (Morocco), 19-20 November 2014 Short-Term Fertilizer Outlook 2014 2015 Patrick Heffer and Michel Prud homme International Fertilizer Industry Association
More informationResearch Commodities El Niño returns grains and soft commodities at risk
Investment Research General Market Conditions 20 May 2015 Research Commodities El Niño returns grains and soft commodities at risk Meteorologists now agree that El Niño has arrived and project that it
More information82 nd IFA Annual Conference Sydney (Australia), 26-28 May 2014
A/14/65b June 2014 Final Version 82 nd IFA Annual Conference Sydney (Australia), 26-28 May 2014 Fertilizer Outlook 2014-2018 Patrick Heffer and Michel Prud homme International Fertilizer Industry Association
More informationSoybean Supply and Demand Forecast
Soybean Supply and Demand Forecast U.S. soybean planted acreage is expected to increase 11.5 million acres over the forecast period. U.S. soybean yields are expected to increase 7 bushels per acre or an
More informationCrop production. 0 5 10 15 million ha. 0 5 10 15 20 million tonnes PART 1. CHART 7: Harvested area of the most important crops in Central Asia (2010)
PART 1 Crop production is the most important crop in the region of Europe and Central Asia. More than 80 million hectares of land are dedicated to growing wheat, of which 240 were produced in 2010. is
More informationFertilizer is a world market commodity, which means that supply
Supply & demand, Energy Drive Global fertilizer prices The Fertilizer Institute Nourish, Replenish, Grow Fertilizer is a world market commodity necessary for the production of food, feed, fuel fiber. &
More informationNEWS RELEASE. Highlights
NEWS RELEASE WILMAR REPORTS 4Q2015 CORE EARNINGS OF US$350 MILLION AND FY2015 CORE EARNINGS OF US$1.17 BILLION - FY2015 core net profit down marginally by 4% due mainly to translation losses of regional
More informationNot Your Father s Potash Oligopoly Structural Shift Points to Lower EPS & P/E Multiples, Spurs Target Price Cuts
July 30, 2013 The NBF Daily Bulletin Industry Comment Agriculture Not Your Father s Potash Oligopoly Structural Shift Points to Lower EPS & P/E Multiples, Spurs Target Price Cuts Industry Rating (Agriculture):
More informationANALYSIS OF LEBANON S FOOD MARKET
ANALYSIS OF LEBANON S FOOD MARKET Table of Contents World Food Market 3 Lebanon s Food Production 8 Lebanon s Food Imports and Exports 11 Evolution of Food Imports 11 Food Imports by Type 12 Food Imports
More informationCanadian Agricultural Outlook
2015 Canadian Agricultural Outlook Information contained in this report is current as of February 11, 2015. Her Majesty the Queen in Right of Canada, represented by the Minister of Agriculture and Agri-Food,
More informationHarvesting energy with fertilizers
Harvesting energy with fertilizers Sustainable agriculture in Europe 1 Harvesting energy with fertilizers The reason for agriculture s existence is to supply energy to mankind. Agriculture converts solar
More informationACCOUNTING FOR ASIA S NATURAL CAPITAL
ACCOUNTING FOR S NATURAL CAPITAL DRIVING THE TRANSITION TO A RESOURCE-EFFICIENT GREEN ECONOMY Asia s rapid economic growth during recent decades has been accompanied by serious depletion of the region
More informationSpeaker Summary Note
2020 CONFERENCE MAY 2014 Session: Speaker: Speaker Summary Note Building Resilience by Innovating and Investing in Agricultural Systems Mark Rosegrant Director, Environment and Production Technology Division
More informationSupply & demand outlook for the canola industry
Supply & demand outlook for the canola industry J.P. Gervais Chief Ag Economist March 2015 @jpgervais Canola Canola is one component of the environment for oil producing crops Growth in demand has supported
More informationConsumption Patterns and Competition in the World Fertilizer Markets
Consumption Patterns and Competition in the World Fertilizer Markets Kyösti Arovuori and Hanna Karikallio Pellervo Economic Research Institute, Eerikinkatu 28 A FIN-00180 Helsinki, Finland. tel. +358-9-
More informationPROVIDING SOLUTIONS. 3 rd Quarter 2013 Results Investor and Analyst Conference Call 14 November 2013, 2:00 p.m. CET. Experience growth.
PROVIDING SOLUTIONS 3 rd Quarter 2013 Results Investor and Analyst Conference Call 14 November 2013, 2:00 p.m. CET Experience growth. Highlights EBIT I in the first 9 months 556m (-11%) Fit for the future
More informationINFORMATION ON THE PUBLIC JOINT-STOCK COMPANY INVL BALTIC FARMLAND FORMED IN THE SPLIT OFF
INFORMATION ON THE PUBLIC JOINT-STOCK COMPANY INVL BALTIC FARMLAND FORMED IN THE SPLIT OFF On the basis of those Terms, 47.95 percent of the total assets, equity and liabilities of the public joint-stock
More informationEmmanuel Tumusiime-Mutebile: The challenge of modernising smallholder agriculture in East Africa
Emmanuel Tumusiime-Mutebile: The challenge of modernising smallholder agriculture in East Africa Keynote address by Mr Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, at the International
More informationAGRICULTURAL SCIENCES Vol. II - Crop Production Capacity In North America - G.K. Pompelli CROP PRODUCTION CAPACITY IN NORTH AMERICA
CROP PRODUCTION CAPACITY IN NORTH AMERICA G.K. Pompelli Economic Research Service, U. S. Department of Agriculture, USA Keywords: Supply, policy, yields. Contents 1. Introduction 2. Past Trends in Demand
More informationBASEL, 3 FEBRUARY 2016
BASEL, 3 FEBRUARY 2016 SAFE HARBOR ADDITIONAL INFORMATION AND WHERE TO FIND IT THE TENDER OFFER FOR THE OUTSTANDING SHARES, AMERICAN DEPOSITARY SHARES AND OTHER OUTSTANDING EQUITY INSTRUMENTS IN THE COMPANY
More information3.3 Real Returns Above Variable Costs
3.3 Real Returns Above Variable Costs Several factors can impact the returns above variable costs for crop producers. Over a long period of time, sustained increases in the growth rate for purchased inputs
More informationAnalysis of Lebanon s Food Market (2009-2013)
Analysis of Lebanon s Food Market (2009-2013) Table of Contents: World Food Market:... 2 Lebanon s Food Production:... 7 Food Imports and Exports:... 9 Evolution of Food Imports:... 9 Value of Food Imports
More informationAG R I C U LT U R E GREEN ECONOMY
THIS IS THE STORY OF AG R I C U LT U R E GREEN ECONOMY We need to make the global economy green. provides significant opportunities for growth, investment and jobs to help make this happen. $ Everyone
More informationYara International ASA Third Quarter results 2012
Yara International ASA Third Quarter results 212 19 October 212 1 Summary third quarter Strong results and cash flow Yara-produced NPK deliveries up 1% Strong production increase Cautious start to European
More informationLiquid Biofuels for Transport
page 1/11 Scientific Facts on Liquid Biofuels for Transport Prospects, risks and opportunities Source document: FAO (2008) Summary & Details: GreenFacts Context - Serious questions are being raised about
More informationFirst Quarter 2015 Earnings Conference Call. 20 February 2015
First Quarter 2015 Earnings Conference Call 20 February 2015 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning
More informationThe Farmland Asset Class
The Farmland Asset Class December 2010 Jeffrey A. Conrad, CFA President, Hancock Agricultural Investment Group jconrad@hnrg.com (617) 747-1601 Presentation Overview I. Introduction to the Hancock Agricultural
More informationYara International ASA Fourth quarter results 2011. 7 February 2012
Yara International ASA Fourth quarter results 211 7 February 212 1 Summary fourth quarter Strong quarter and best full-year results so far Good farm profitability drove improved margins, more than offsetting
More informationFUTURES TRADERS GUIDE TO THE WASDE
FUTURES TRADERS GUIDE TO THE WASDE Your Guide To Understanding The USDA World Agriculture Supply & Demand Estimates For Corn, Soybeans And Wheat By Craig & Drew Daniels 1.800.800.3840 What Is The WASDE?
More informationAgribusiness Management, its meaning, nature and scope, types Of management tasks and responsibilities
Agribusiness Management, its meaning, nature and scope, types Of management tasks and responsibilities Dr. B. K. Baruah Professor Department of Agril. Economics Farm Management Assam Agricultural University
More informationThe 2024 prospects for EU agricultural markets: drivers and uncertainties. Tassos Haniotis
1. Introduction The 2024 prospects for EU agricultural markets: drivers and uncertainties Tassos Haniotis Director of Economic Analysis, Perspectives and Evaluations; Communication DG Agriculture and Rural
More informationImpacts of the EU biofuel policy on agricultural markets and land use
Impacts of the EU biofuel policy on agricultural markets and land use Modelling assessment with AGLINK-COSIMO (2012 version) Sophie Hélaine Robert M barek Hubertus Gay 2 0 1 3 Report EUR 26107 EN European
More informationDevelopment of agricultural insurance in Russia
Development of agricultural insurance in Russia International Conference Managing risks and crises in agricultural insurance 15th, 16th and 17th of March 2010 Liudmila Kosholkina Director of the Department
More informationACE: Leader in the European Automotive Components Market
ACE: Leader in the European Automotive Components Market ACE 2012-2015 Strategy 21/12/2011 Following on from our Current Report in December 2010, ACE s management herein presents its 2011 update on the
More informationKey global markets and suppliers impacting U.S. grain exports BRICs
Key global markets and suppliers impacting U.S. grain exports BRICs Levin Flake Senior Agricultural Economist, Global Policy Analysis Division, OGA/FAS/USDA TEGMA Annual Meeting January 23 rd, 2015 U.S.
More informationAnalysis of the determinants of prices and costs in product value chains
SUGAR PRODUCTS Analysis of the determinants of prices and costs in product value chains SUGAR OVERVIEW Background Sugar commodity returns from the world market are based on global demand and supply. The
More informationTarget Keyword: Page Title: API Integration
Target Keyword: Integrating Grain Accounting With Real-Time Ag Market Data Page Title: See How Easily You Can Integrate Grain Accounting With Real-Time Ag Market Data The price of grain is volatile, changing
More informationGrains and Oilseeds Outlook
United States Department of Agriculture Grains and Oilseeds Outlook Friday, February 20, 2015 www.usda.gov/oce/forum Agricultural Outlook Forum 2015 Released: Friday, February 20, 2015 GRAINS AND OILSEEDS
More informationContract Farming. One Option For Creating A Role For The Private Sector In Agriculture Development? By N. Ajjan. What Is Contract Farming?
Contract Farming One Option For Creating A Role For The Private Sector In Agriculture Development? By N. Ajjan What Is Contract Farming? ESSENTIALLY The Farmer Is Contracted to Plant the Contractor s Crop
More informationFOOD AVAILABILITY AND NATURAL RESOURCE USE
FOOD AVAILABILITY AND NATURAL RESOURCE USE Nadia El-Hage Scialabba Natural Resources Management and Environment Department, FAO FAO/OECD Expert Meeting on Greening the Economy with Agriculture Paris, 5
More informationTrigon Agri is an integrated soft commodities producer, storage provider and trader. Its core operations are
ANNUAL REPORT 2013 Trigon Agri is an integrated soft commodities producer, storage provider and trader. Its core operations are cereals production in Rostov, Russia and cereals production in Central- Eastern
More informationU.S. Agriculture and International Trade
Curriculum Guide I. Goals and Objectives A. Understand the importance of exports and imports to agriculture and how risk management is affected. B. Understand factors causing exports to change. C. Understand
More informationThe economics of micro-algae production
The economics of micro-algae production and processing into biofuel December 2006 Thomas Schulz Research Economist Farming Systems, Department of Agriculture Western Australia Key Message The Research
More informationAgricultural Reinsurance in Latin America Actual Situation & Outlook. 4 th Reinsurance Congress Rio de Janeiro (Brazil) April 2015
Agricultural Reinsurance in Latin America Actual Situation & Outlook 4 th Reinsurance Congress Rio de Janeiro (Brazil) April 2015 AGENDA Commodity Price & Food Consumption Context Worldwide Agriculture
More informationLONDON NUSANTARA PLANTATIONS PLC ( London Nusantara or the Company ) Audited Results for the Year Ended 31 December 2014
CHIEF EXECUTIVE S STATEMENT LONDON NUSANTARA PLANTATIONS PLC ( London Nusantara or the Company ) Audited Results for the Year Ended 31 December 2014 I am pleased to present the Company s audited financial
More informationSignificant result increase due to higher sales volumes and efficiency improvements
Herrliberg, February 5, 2016 MEDIA INFORMATION EMS Group: Annual results 2015 Significant result increase due to higher sales volumes and efficiency improvements 1. Summary The EMS Group, with its companies
More informationKey Element. 2013 highlights. January 2014. Potash market highlights. Overview of Uralkali s agronomy programmes. Uralkali Market Analysis Report
2013 highlights Potash market highlights Uralkali Market Analysis Report Overview of Uralkali s agronomy programmes Key Element January 2014 Comment from our Head of Sales and Marketing Dear friends, 2013
More informationWheat Import Projections Towards 2050. Chad Weigand Market Analyst
Wheat Import Projections Towards 2050 Chad Weigand Market Analyst January 2011 Wheat Import Projections Towards 2050 Analysis Prepared by Chad Weigand, Market Analyst January 2011 Purpose The United Nations
More informationAgricultural Productivity in Zambia: Has there been any Progress?
Agricultural Productivity in Zambia: Has there been any Progress? Presented by Antony Chapoto ACF/FSRP Research Presented to the Zambia National Farmers Union Congress Mulungushi Conference Centre, Lusaka
More informationFARMING FOR THE FUTURE How mineral fertilizers can feed the world and maintain its resources in an Integrated Farming System
How mineral fertilizers can feed the world and maintain its resources in an Integrated Farming System european fertilizer manufacturers association Global trends in population growth (Population 1000 million),
More informationFarming. In the Standard Grade Geography exam there are three types of farming you need to know about arable, livestock and mixed.
Types of Farming In the Standard Grade Geography exam there are three types of farming you need to know about arable, livestock and mixed. Arable farms are ones where the main way of making money is by
More informationRising Food Prices CAUSES AND CONSEQUENCES
Rising Food Prices CAUSES AND CONSEQUENCES EXECUTIVE SUMMARY Recent steep price increases of major crops (cereals, oilseeds) were triggered by a combination of production remaining somewhat below trend
More informationInterview with Paul Atherley, Managing Director of Berkeley Energia (911733, ASX: BKY, London: BKY)
Interview with Paul Atherley, Managing Director of Berkeley Energia (911733, ASX: BKY, London: BKY) Dear Paul, thank you very much for the opportunity to interview you today as I know you are very busy
More informationGlobal water resources under increasing pressure from rapidly growing demands and climate change, according to new UN World Water Development Report
WWDR4 Background Information Brief Global water resources under increasing pressure from rapidly growing demands and climate change, according to new UN World Water Development Report As demand for water
More informationThird Quarter 2015 Earnings Conference Call. 21 August 2015
Third Quarter 2015 Earnings Conference Call 21 August 2015 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the
More informationFifty years of Australia s trade
Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes
More informationAdvanta Limited Q2 CY 14 Earnings Conference Call. July 28, 2014
Advanta Limited Q2 CY 14 Earnings Conference Call ANALYST: MANAGEMENT: MR. NITIN AGARWAL-ANALYST-IDFC SECURITIES MR. CLAUDIO TORRES- CEO - ADVANTA LIMITED MR. MANOJ GUPTA- GROUP CFO- ADVANTA LIMITED Page
More informationYara International ASA Second quarter results 2014
Yara International ASA Second quarter results 214 18 July 214 1 Summary second quarter Strong result Lower nitrate deliveries amid early end to season in Europe Continued strong NPK deliveries and value-added
More informationSOIL TEST LEVELS AND NUTRIENT BUDGETS IN THE WESTERN U.S.
SOIL TEST LEVELS AND NUTRIENT BUDGETS IN THE WESTERN U.S. Robert L. Mikkelsen and Paul E. Fixen Potash & Phosphate Institute ABSTRACT The status of potassium (K) and phosphorus (P) nutrient concentrations
More informationOECD-FAO Agricultural Outlook 2012-2021
OECD-FAO Agricultural Outlook 2012-2021 FOOD AND AGRICULTURE ORGANIZATION OF THE UNITED NATIONS OECD-FAO Agricultural Outlook 2012 OECD/FAO 2012 Chapter 5 Oilseeds and Oilseed Products 133 5. OILSEEDS
More informationOILSEEDS AND OILSEED PRODUCTS
3. COMMODITY SNAPSHOTS OILSEEDS AND OILSEED PRODUCTS Market situation Global oilseeds production in the 214 marketing year (see glossary for a definition of marketing year) reached record levels for the
More informationCurrent world fertilizer trends and outlook to 2015
Current world fertilizer trends and outlook to 2015 FOOD AND AGRICULTURE ORGANIZATION OF THE UNITED NATIONS Rome, 2011 Contents Preface 5 Executive summary 6 The world fertilizer outlook 7 Background 7
More informationGrains and Oilseeds Outlook
United States Department of Agriculture Grains and Oilseeds Outlook Friday, February 26, 2016 www.usda.gov/oce/forum Agricultural Outlook Forum 2016 Released: Friday, February 26, 2016 GRAINS AND OILSEEDS
More informationSpeech at the High-Level Conference on World Food Security
Speech at the High-Level Conference on World Food Security SUN Zhengcai Minister of Agriculture People s Republic of China Rome, June 2008 Distinguished Chairperson, Excellencies, Ladies and Gentlemen,
More informationOverview on milk prices and production costs world wide
Overview on milk prices and production costs world wide This article summarises the key findings of the IFCN work in 2013 and the recently published IFCN Dairy Report 2013 Authors: Torsten Hemme and dairy
More informationAGRICULTURAL PROBLEMS OF JAPAN
AGRICULTURAL PROBLEMS OF JAPAN Takeshi Kimura, Agricultural Counselor Embassy of Japan, Washington, D. C. I would like, first, to sketch the Japanese agricultural situation and, second, to review Japan's
More informationCorporate stewardship Partnering to Improve Agricultural practices. Mumbai Randhir Chauhan
Corporate stewardship Partnering to Improve Agricultural practices Mumbai Randhir Chauhan Flow of Presentation Agriculture in India Overview Present Challenges Why Sustainability? The Way Out Ensuring
More informationInterim Results 2015 12 March 2015
Interim Results 2015 12 March 2015 2015 Interim Highlights Adjusted diluted EPS of 5.80c underlying increase of 7.1% Group Revenue Agri-Services Operating Profit Share of Profit of Associates and JV Adjusted
More informationTHE AGRICULTURAL EQUIPMENT MARKET IN CE, SE AND EASTERN EUROPE
THE AGRICULTURAL EQUIPMENT MARKET ROMANIA UKRAINE TURKEY RUSSIA IN CE, SE AND EASTERN EUROPE Romania In 211, Romania recorded one of the highest wheat production in the recent years, of some eight million
More informationJuly 2010. Chart 1: World Edible Oil Production
Agricultural Products An Overview of the Edible Oil Markets: Crude Palm Oil vs Soybean Oil July 2010 Edible vegetable oils are some of the most crucial cooking ingredients in the world. In addition, edible
More informationWater Innovation Europe 2015 Water and agriculture in the circular economy
Water Innovation Europe 2015 Water and agriculture in the circular economy June 25 th 2015 Stefan Urioc, Senior Water Technology Market Analyst, BlueTech Research www.bluetechresearch.com O 2 Environmental
More informationPreliminary Results 2015 23 September 2015
Preliminary Results 2015 23 September 2015 Forward-Looking Statements This presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the
More informationHEDGING IN THEORY AND PRACTICE
HEDGING IN THEORY AND PRACTICE Ann Berg Senior Commodity Markets Development Expert USAID/FINREP-ІІ Kyiv, 2013 July 11 Maize contract (CME) 320 310 307.58 $ 11 April 308.07 $ 13 June 300 291.44 $ 1 March
More informationUkraine Crop Update. Spring Sowing Ahead of Average. CROP-UKR14-01 May 8, 2014
May 8, 2014 Ukraine Crop Update Ukraine spring seeding is ahead of both last year and average having 6.6 million hectares planted by May 7. Ukraine s weather this spring has been favorable for both fieldwork
More informationBeyond biological nitrogen fixation: Legumes and the Sustainable Intensification of smallholder farming systems
Beyond biological nitrogen fixation: Legumes and the Sustainable Intensification of smallholder farming systems B Vanlauwe, International Institute of Tropical Agriculture (IITA), Nairobi, Kenya [with
More informationYara International ASA First quarter results 2009. 28 April 2009
Yara International ASA First quarter results 29 28 April 29 1 Summary first quarter 29 Strong cash flow Significant on-going operating capital release Reduced margins despite lower energy costs Sales volumes
More informationAnalysts Ideas of the Week Uralkali Considers Dropping out of Cartel
Week of August 6, 2013 Analysts Ideas of the Week Uralkali Considers Dropping out of Cartel www.researchfrc.com Sid Rajeev, B.Tech, MBA, CFA Head of Research and Nicole Engbert, BSc (geology) Research
More informationInvestor Presentation February 25, 2004
Investor Presentation February 25, 2004 Some of the statements in this presentation may constitute forward-looking information and future results could differ materially from what is included. Please refer
More informationFossil fuels and climate change: alternative projections to 2050
Fossil fuels and climate change: alternative projections to 2050 Key questions in the climate change debate are to what extent fossil fuel depletion will reduce emissions, and what country-by-country emissions
More informationAGRI- BUSINESS IN ARGENTINA A SEMINAR ON INVESTMENT OPPORTUNITIES
AGRI- BUSINESS IN ARGENTINA A SEMINAR ON INVESTMENT OPPORTUNITIES Maximiliano Moreno Director of Multilateral Negotiations Ministry of Agriculture, Livestock and Fisheries Argentina NEW INTERNATIONAL ENVIRONMENT
More informationGuide to managing commodity risk
Guide to managing commodity risk October 2012 ISBN: 978-1-921742-33-0 CPA Australia Ltd ( CPA Australia ) is one of the world s largest accounting bodies representing more than 139,000 members of the financial,
More informationINDIAN LUBRICANT INDUSTRY - SHRINKING MARGINS
INDIAN LUBRICANT INDUSTRY - SHRINKING MARGINS Declining demand growth of automotive lubricants, increasing competition on account of the presence of a large number of players, and increasing raw material
More informationCompetition for land use between different production alternatives
New perspectives Competition for land use between different production alternatives Nan-Dirk Mulder, International IEC London 2011 Conference : A leading Food & Agribank Presence in 41 countries 2 Battle
More informationHIGH-LEVEL SYMPOSIUM Excess Capacity and Structural Adjustment in the Steel Sector
HIGH-LEVEL SYMPOSIUM Excess Capacity and Structural Adjustment in the Steel Sector 18 April 216, Brussels, Belgium BACKGROUND NOTE NO. 1 LATEST GLOBAL STEEL MARKET DEVELOPMENTS This background document
More informationPresented by Sama Valentine (PhD finalist) Agricultural Engineering College of Business and Technology Catholic University Institute of Buea
Presented by Sama Valentine (PhD finalist) Agricultural Engineering College of Business and Technology Catholic University Institute of Buea What is agriculture Agriculture is the art and Science of growing
More informationSouth African Reserve Bank. Statement of the Monetary Policy Committee. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank Press Statement Embargo Delivery 21 July 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank The UK vote to
More informationA LEVEL ECONOMICS. ECON1/Unit 1 Markets and Market Failure Mark scheme. 2140 June 2014. Version 0.1 Final
A LEVEL ECONOMICS ECON1/Unit 1 Markets and Market Failure Mark scheme 2140 June 2014 Version 0.1 Final Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant
More informationTailoring solutions for a region of diversity Global Press Conference 2013
Tailoring solutions for a region of diversity Global Press Conference 2013 Vincent Gros Senior Vice President, BASF Crop Protection Europe, CIS, Central Asia, Africa and Middle East October 2 nd, 2013
More information* Corresponding author # Presenting author DOI: 10.5073/jka.2010.425.302
Challenges and characteristics of the South American grain and oilseed postharvest system Bartosik, R.* # National Institute of Agricultural Technologies, Balcarce Experimental Station, Balcarce (7620),
More informationGlobal Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015
May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals
More informationHow To Diversify Your Business
K+S Aktiengesellschaft Mission not completed (yet) Capital Markets Day Merkers - November 12th, 2015 Norbert Steiner, CEO A Word on the PotashCorp Proposal Proposal did not adequately reflect the fundamental
More informationProjections of Global Meat Production Through 2050
Projections of Global Meat Production Through 2050 Dr. Thomas E. Elam Center for Global Food Issues President, FarmEcon Summary: Meat production growth is driven by a combination of increases in economic
More informationFood Security in a Volatile World
Issues in Brief Food Security in a Volatile World Developments in agriculture over the last fifty years have increased yields sufficiently to provide on average more than enough food for every person on
More informationANZ insight. Greener Pastures: The Global Soft Commodity Opportunity for Australia and New Zealand
A REPORT FROM PORT JACKSON PARTNERS COMMISSIONED BY ANZ ANZ insight Greener Pastures: The Global Soft Commodity Opportunity for Australia and New Zealand ISSUE 3, OCTOBER 2012 GREENER PASTURES: THE GLOBAL
More information