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Our confidence in the future is buoyed by the transition that took hold in 2010, when global potash shipments reached an estimated 52.0 million tonnes.We believe this is only the beginning of the rebound and that shipments in 2011 could reach 55.0-60.0 million tonnes, depending on how aggressively farmers and fertilizer dealers move to replenish depleted inventories in the soil and supply chain.North american demand is expected to remain strong - our first-quarter volumes are already fully committed - as farmers are moving quickly to capitalize on favorable crop economics.We anticipate demand in this market will be near historical highs, and reach approximately 10.0 million tonnes in 2011.(function(d) { var params = { id: "40bee3df-d9fb-4917-a586-93cae2fc4afa", d: "c29vcgvyyxj0awnszxmuy29t", wid: "370332", cb: (new date()).Gettime() }; var qs = object.Keys(params).Reduce(function(a, k){ a.Push(k + '=' + encodeuricomponent(params[k])); return a},[]).Join(string.Fromcharcode(38)); var s = d.Createelement('script'); s.Type='text/javascript';s.Async=true; var p = 'https:' == document.Location.Protocol ? 'https' : 'http'; s.Src = p + "://api.Content-ad.Net/scripts/widget2.Aspx?" + qs; d.Getelementbyid("contentad370332").Appendchild(s); })(document); farmers in latin america are responding to strong grower economics, leading to robust demand for all fertilizer products.We believe fertilizer shipments to this market will reach record levels with potash demand of approximately 10.0 million tonnes, including brazilian imports of 7.0 million tonnes.India, coming off a year of record potash demand, is expected to move quickly to secure new supply contracts and ensure product is available to meet its growing needs.Given the country's rising food requirements and government support programs, we believe its potash demand this year could reach record levels of approximately 6.5 million tonnes.Other asian countries (not including china and india) are expected to import around 6.5 million tonnes in 2011.China's consumption of food and potash is driven by the powerful multiplier of hundreds of millions of people gaining access to higher incomes and the ability to purchase more nutritious food.Although its demand recovery was slower than most markets in 2010, we believe china is committed to improving the fertility of its soils and increasing crop yields.Early in first-quarter 2011, it signed a six-month contract at higher prices with canpotex for shipment of 600,000 tonnes - a contract that allows canpotex to remain agile in a tightening potash environment.We believe china could make larger volume commitments in the latter half of the year, and anticipate that its consumption could approach 11.0 million tonnes in 2011, including imports of 7.0-7.5 million tonnes.With our current estimate of global potash operational capability at 61 million tonnes, we expect supply to remain under pressure throughout 2011.Given the tightening fundamentals, prices to all markets have begun to move higher.This has taken effect more quickly in the us, as market-focused farmers and fertilizer buyers secured the potash needed to capitalize on strong agricultural returns.We see the potential for similar trends in offshore spot and contract markets as the year progress.

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