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CF Industries CFO sees some movement in fertilizer demand despite glut

Nov. 03, 2016 2:11 PM ETCF Industries Holdings, Inc. (CF) StockCFBy: Carl Surran, SA News Editor1 Comment
  • North American farm suppliers are resuming fertilizer purchases, but difficult market conditions are expected to remain through next year, CF Industries (CF -6.1%) CEO Tony Will says after reporting better than expected Q3 earnings but disappointing revenues.
  • Amid the global glut in fertilizer production, Will says buyers “took a wait-and-see approach” in Q3 as low prices and new supplies due next year caused them to postpone building new inventory ahead of the next planting season.
  • The CEO says sales volumes and prices have since improved, and “buyers are finally moving off the sidelines and beginning to prepare for the application season," although weakness is expected to persist a while longer.
  • CF said in today's earnings conference call that it expects planted U.S. corn acreage to drop to ~88M acres in 2017 from 94M acres this year.

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