Deals
Corn, Soy Rally Pressures BHP to Raise Potash Bid
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The biggest four-month jump in corn prices in 2 1/2 years is signaling to investors BHP Billiton Ltd. will raise its $40 billion bid for Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer.
Corn has climbed 35 percent and soybeans 19 percent in Chicago since Aug. 17, when Saskatoon, Saskatchewan-based Potash Corp. rejected BHP’s bid as too low and said it’s seeking other offers. Higher grain prices can prompt farmers to use more fertilizer to boost crop yields, pushing up the value of Potash Corp., which has 20 percent of global capacity in its namesake product.