I think many are under the delusion that phosphate is going to start tracking back up to the lofty heights set during the height of the commodity boom, but I'm afraid the reality is that we are likely to be at current levels for quite some time.

We may see some short term positive movement I hope that $125-$135 can be held, but there is a great deal of new production coming online just around the corner. Examples include Vale's 4m ton, Legend (we hope), and the other 2 Australian projects all within sight of production.

Yes there is increasing demand, but all this new capacity is going to put severe pressure on pricing.