Interesting...Thats consistent with all the takeover buying frenzy in the fertilizer industry that seems to be developing. Industry insiders seem to think prices are undervalued so should put some upward pressure on market valuations. (hopefully that offsets the greater stock recent market bearish sentiment)

- an hour ago: Potash reveals higher stake in Israeli fertilizer company

- Jan 29: BHP Billiton (canadian) - was originally rumored to buy Potash. Ends up buying another canadian fert. co. for $340M. (this small public co. went from single digits to $400 pps last year!)

- Jan 27: Vale spends $4 Billion (!) to purchase phosphate assets in Brazil

NYT offered an explanation recently: "While industry valuations are in line with the market — CF Industries trades at 14 times estimated earnings, for example — they deserve a premium. Phosphate and potash markets, in particular, have high barriers to entry, so it makes sense to buy rivals rather than build new facilities. As long as China’s taste for meat increases, fertilizer companies should continue to eat one another up."