TORONTO - Shares of major North American potash producers have plunged in pre-market trading following news that a Russian rival is making moves that could push down global prices for the fertilizer they produce.
Shares of Canada's largest potash producer, Saskatoon-based PotashCorp. (TSX:POT) plunged about 24 per cent in premarket trading in New York.
Its partners in the Canpotex potash marketing group were also down, with U.S.-based Mosaic (NYSE:MOS) down a similar amount and Agrium (TSX:AGU) off 13 per cent before the opening of North American stock markets.
The three companies have major potash operations in Saskatchewan, which has one of the world's largest deposits of the mineral.
Potash is a main ingredient used in fertilizers used to promote crop growth.