K+S AG (SDF) fell the most in 15 years in Frankfurt trading after the world’s largest potash producer OAO Uralkali predicted prices for the crop nutrient will fall about 25 percent as it opts to sell volume independently from a trading group.
K+S plunged as much as 19 percent, the biggest decline since September 1998, to 21.45 euros and was trading down 16 percent at 22.47 euros as of 9:55 a.m. local time.
Prices of potash may fall below $300 a ton after the change in Uralkali’s trading policy, the company’s Chief Executive Officer Vladislav Baumgertner told reporters today by phone. The Russian company is quiting a potash trading venture with a Belarusian potash producer, it said.
To contact the reporter on this story: Sheenagh Matthews in Frankfurt at firstname.lastname@example.org
To contact the editor responsible for this story: Simon Thiel at email@example.com