SOIL is the symbol for the GlobalX fertilizers/potash ETF.
PotashCorp lifted its hopes for full-year profits as it forecast that a clamour for potash, which sent second-quarter earnings soaring 75%, will last into 2012 – and could lead to demand outpacing supplies.The Canada-based company, the world's biggest potash producer, raised its forecast for full-year profits to $3.40-3.80 a share, from $3.00-3.40 a share.Farmers' desire to raise crop yields and take advantage of elevated prices was "driving strong demand for all three [major] nutrients, especially potash", the group said."Even with uncertainty around macroeconomic issues weighing on equity markets and investors' tolerance for risk, the strength of agricultural fundamentals continues to provide a highly favourable environment for our business."Supply deficit?Indeed, demand for potash could potentially drive see it exceed the industry's output capacity."We continue to estimate global demand will approximate 55m-60m tonnes in 2011, but now anticipate that meeting the upper end of the range will be constrained by... the industry's ability to produce," said the group, flagging scheduled shutdowns ahead at some of its own operations.... MORE