Fertilizers are a key part in meeting that challenge. And the farmers are financially in good shape to buy more. The debt-to-equity ratio for the U.S. farmer is only around 10-15%.

Overseas, farmers are subsidized directly. In India, the government picks up the tab of higher fertilizer costs. As Doyle pointed out: “With low grain stocks and low yields and 1.2 billion people, they’re not going to drop the ball. They’ll continue to support the Indian farmer.” China has also started to subsidize the Chinese farmer, helping out with seed, machinery and fertilizer.

But since fertilizer application rates fell around the world this year, it is hard to imagine a strong harvest. We will see. As grain inventories are already low, I expect we’ll need a strong planting season in early 2010. That means a strong demand for fertilizers.

At current pricing for potash, there is no incentive to boost production by investing in new capacity. The financial crisis also laid low any plans for more potash. A greenfield project — that is, one started from scratch — needs a higher price to make it work.

As Doyle pointed out, the cost for a 2-million-tonne facility in Saskatchewan is approaching $3 billion. That doesn’t include the infrastructure you need around it. Plus, it would take nearly a decade to get that new project generating a return on investment.

So from an investment point of view, potash still looks very good.

Source: One Commodity Worth Buying

Even in day filled with less-than-stellar economic data and enough stocks trading in the red to pull the perma-bears out of hibernation, there is cause for optimism.

Today it comes from the companies that have anything to do with the world’s potash market.

Thanks to news that a key Russian producer is raising its prices due to increased potash demand, American firms like Intrepid Potash (NYSE:IPI), Potash Corp (NYSE:POT) and Mosaic (NYSE:MOS) are making strong gains.

The news is yet another strong indication of the profit potential currently held by the world’s commodities market. First we saw gold prices soar. Then oil. Then silver. And now potash prices.

Next up is your portfolio balance

As the world bounces out of this recession, demand will rise, inventories will fall and prices will naturally go up. The companies that directly see their margins rise as they pull materials from the ground will reward their shareholders with increased revenues and earnings.

Out of the three companies mentioned above, Potash Corp. is the largest. With 2008 revenues of $9.5 billion in 2008, it has the power to leverage strong gains in the potash market into strong profits for shareholders.

In an industry where size matters, Potash is king.

While today’s surge does not make this the greatest time to enter a position, a weak and volatile market over the next couple of weeks will create opportunities to enter a play.

Shares of the company have already doubled since their November lows of $47.54. But even at current prices of $97.75, there is an opportunity to rack up double-digit gains over the next few months.

Investors must be prepared to see trading resistance at the psychologically important level of $100 per share. As long as the bears are threatening to attack, prices will remain volatile anywhere close to that price.

The action will force buy-and-hold investors to pull out their hair. But short-term traders will take advantage of the action to make fast in-and-out moves.

The commodity markets are alive and well these days. They may look different than just a year or two ago, but if you are into making money, there are few better places to get the job done.

Source: Potash Is on the Move

Western Canadian Coal saw its fourth quarter revenue rise 48 percent to C$111,684,000 from the sale of 346,000 tonnes of coal. Earnings for the period ended March 31 came in at C$47.6 million or C$0.23 per share. Western ended the day up C$0.13 at C$2.12.

The Canada Day holiday falls mid-week so trading action heading into the end of June is expected to be on the light side. We will see what Monday’s session has in store.

Source: Resource Stock Roundup:Monday, June 29th, 2009

That’s because wealthy populations tend to eat more meat than poor ones, while also eating more fresh fruits and veggies. The diet becomes more diverse, less centered on consuming base grains.

The demand for grains doesn’t diminish, though, because the need to produce meat increases the demand for grains exponentially. Depending on who’s doing the math, five to ten pounds of grain goes into every pound of beef that lands on a dinner plate.

China’s population is also increasing, of course, which is further boosting demand for grains. There are some special issues with China, too. It holds only 10% of the world’s arable land, but 20% of the population. And its arable land resource is in decline. There were about 121 million hectares in service at the end of 2008. That’s down from 133 million hectares as recently as 1988. Increasingly, because of water shortages, desertification, development, urban migration, pollution and a host of other reasons, China is growing less of its own food and relying more on foreign suppliers.

The Chinese government is not happy about that trend and has made food production a priority. In fact, recently, the Chinese premier laid out a number of goals for China:

• Boost Chinese grain production by 50 million tonnes by focusing on increasing the yield per acre
• Subsidize agriculture – which the government does by giving farmers subsidies for irrigation equipment and new seeds and for improving crop yields and crop quality
• Invest in the infrastructure of agriculture – for water supplies, roads and the like.

So it would seem a good idea to be around Chinese agriculture in some way.

Let’s back up a bit and look again at how the dietary pattern has changed. I’ve written about how China consumes a lot more grains before. China is now also one of the largest consumers of fruits and vegetables.

That China is now a consumer of size in the world of fruits and veggies is a relatively new development. China is also a big producer of fruits and veggies. According to the FAO, China produces nearly half of the world’s vegetables and 16% of the world’s fruit. China is today a major exporter of these goods to other Asian countries, supplanting U.S. suppliers.

Well, fruits and veggies have an interesting angle when it comes to fertilizers…

You know if you’ve been reading this letter that the three main nutrients are nitrogen, phosphate and potash. Farmers use fertilizers to boost yields and improve crop quality. Perhaps not surprisingly, China is the largest consumer of fertilizers in the world, with about 25% of global demand.

China is self-sufficient in nitrogen and phosphate. As a result, its application rates are on par with those of farmers in Europe and America. But China is not self-sufficient in potash. The country has few developed potash mines. As a result, it consumes around 12-15 million tonnes per year, but produces only 3 million tones.

Therefore, China relies on imports of potash to obtain most of its supply. But Chinese farmers could use a lot more of this unique fertilizer. In fact, China’s potash “application rates” are half what they are in the West. Quite simply, the Chinese need to use more potash to boost their crop yields to where the U.S. and Europe are.

Potash is an important nutrient because it controls the plants’ water intake, reduces water loss, increases root growth and improves drought resistance. Clearly, crop yields are higher and crop quality is better with the application of potash.

Yet last year, China’s consumption of potash fell. It will probably decline slightly again this year. That’s incompatible with the goals – and the need – of increasing crop yields and quality.

Potash prices soared in 2008 and Chinese farmers pushed back by buying less. The price of potash is cheaper now, but not by all that much. In any event, the Chinese farmers can afford it, as the economic return from using potash is compelling. This two-year decline in potash consumption is unprecedented. And its effects on crop yields and production will not be good.

Most of the potash suppliers that deal in the Chinese markets believe that Chinese demand will pick up later this year as the Chinese burn through their existing inventories of potash and look forward to the 2010 planting season. The Chinese will be hard-pressed to match the record production of 2008 without potash. The quirky thing about potash is that it tends to stay in the soil and you can skip a year, maybe even two, but no more than that.

So potash is also going to be a good way to invest in China’s food story. But there is another layer here.

You see, you can’t use potash directly to grow fruits and veggies. These crops – tomatoes, avocados, melons, etc. – are sensitive to chloride and salt. So you have to modify the potash and remove the chlorine. These potash-based fertilizers, potassium sulphate (SOP) and potassium nitrate (NOP), are ideal for fruits and veggies.

As it turns out, you also need SOP and NOP to grow tobacco. Tobacco is fussy about what fertilizer it will take without messing up its taste or combustibility. It also needs a lot of potash. Yet again, chlorine is a detriment. Chlorine makes the leaves taste sour and can destroy the commercial value of a crop. As with fruits and veggies, you need SOP and NOP.

Selling SOP and NOP to China’s tobacco farmers is also a good business. For one thing, China has the largest population of smokers on the planet, some 350 million. Since potash represents less than 1% of the cost of making cigarettes, the tobacco growers are less price sensitive. What they really want is a quality product consistently delivered.

One of the companies I’m following is the largest producer of SOP and NOP in China and serves both the fruit and veggie market and the tobacco growers. But there are really many ways to get a hand in the Chinese agricultural story. Watch this space.

Source: Buy What China Buys, Part II

James McGregor wrote a book in 2005 on doing business in China called One Billion Customers. If the title sounds familiar, it may be because a man named Carl Crow wrote a book called 400 Million Customers, back in 1937. You see, the dream only gets bigger over time!

For the most the part, this dream remains a mere dream. But sometimes, someone, somewhere, figures it out. Carl Crow was someone who figured it out, and it made him a rich man.

Carl Crow led an adventurous life. Born in Highland, Missouri, in 1884, Crow started out as a newspaperman. Eyeing his fortune, he started China Press in Shanghai in 1911. But Crow eventually realized there was more money to be made in advertising. In 1918, he launched an advertising agency in Shanghai. As an adman, he helped his clients – mostly Westerners – sell their products to the Chinese.

His agency flourished. Crow’s billboards peppered China, from Shanghai all through the Yangtze Valley and as far north as Hubei. Chances are, if you flipped through a magazine in China between the World Wars, you saw Crow’s work in advertisements for cars, matches, cameras and many other goods.

He had a great run of 19 years. Then the war with Japan began in July 1937. Crow, who was outspoken in his criticism of the Japanese, fled the country. He could take none of his wealth with him. He lost everything — house, business, money. Back in the U.S., Crow penned his classic book, which helped him start over again. It’s still in print today. It’s widely viewed as a classic and is surely one of the most read books on China ever published.

Crow’s book, though, really shows how China was as much a money pit as a place where gold nuggets sprouted from the bushes. It remains that way today, ever tricky and hard to figure out. But for those who find a way, as Crow did, the rewards can be immense.

Let’s face it; a market of more than 1 billion noses is one you shouldn’t ignore. But it’s no small task trying to figure out which facial cream they might buy or what toothpaste they might favor.

However, there is another, more sure-footed way, to tap into that mass of humanity called China. Boiled down to its essence, the tactic is simply this: Buy what China needs, but can’t make enough of for itself.

In other words, as an investor, buy what the Chinese MUST buy. This next chart captures the idea. It shows China’s ability to produce a commodity against its demand for that commodity.

You want to be in the lower left-hand part of the chart. In short, the very best places to be are in potash, soybeans, iron ore and oil. In these commodities, China’s share of world production is low. For potash, China represents less than 5% of global production, as shown by the vertical axis. It is also not self-sufficient. As the horizontal axis shows, China’s production of potash is little more than 20% of its domestic demand.

Let me give you a little more color on potash. [Editor’s note: Last December, Chris urged the subscribers of Capital & Crisis to purchase the shares of Potash Corp. (NYSE: POT)]. I recently listened to a couple of presentations by Chinese potash companies. They all confirmed that there are few commercially developed potash reserves in China. The Chinese use 12-15 million tonnes of potash every year, but produce only 3 million tonnes.

Harry Yang is an executive director at Sinofert, of which Potash owns a stake. Yang pointed out that Chinese soil is potash deficient. “China uses enough nitrogen and phosphate because it is self-sufficient in nitrogen and phosphate,” Yang said. (Nitrogen and phosphate being the other two key nutrients.) “But China significantly underuses potash.”

Compared with farmers in the U.S. and Europe, application rates are half on a per acre basis. “Ten years ago, [Chinese] farmers had no idea about potash. Farmers are using more and more now.”

Liu Guocai, chairman of another Chinese potash company, Migao Corp., shared his views. He pointed out that potash inventories are low. He predicts that China’s demand for potash imports will bump up significantly later in 2009 in preparation for the 2010 planting season.

As for soybeans, China was once the world’s largest exporter. In 1995, it flipped to a net importer and has been the largest importer of soybeans in the world since 2000. Much of its supply is in the hands of companies such as Archer Daniels Midland, Bunge and Cargill.

More broadly, this speaks to China’s growing demand for food, and its growing dependence on foreign suppliers to keep its rice bowls full. This is why we see China in recent months making deals for food. It made a $500 million deal for poultry and pigs from the U.S. China attempted, but failed, to buy farmland in Mozambique and the Philippines. You may have also seen reports on Chinese deals in Africa. In Zambia, Chinese farmers already produce about a quarter of the eggs sold in Lusaka, the capital, for export to China.

As China maneuvers to secure its future food supply, one can easily see that the economic axis of the world is shifting from West to East. Understanding the dynamics of this shift will create some wonderful investment opportunities in the years ahead.

Someday, someone will write a book called One and a Half Billion Customers. Why not begin investing alongside the Chinese now, before the next half billion of these consumers arrive on the scene?

Source: Buy What the Chinese Are Buying

You need to have a portion of your wealth in something tangible—something you can hold in your hand, like a hard asset.  I’m talking about oil, grains, livestock, sugar, copper, aluminum, gold, silver, platinum and even forest products like lumber.

The price of oil will never go to zero!  Someone will always be in the market to buy gasoline.  Gold has never been worth $0.  Silver could always buy you a meal–even in ancient times.

But can the value of a stock or a paper currency go to zero?  Yes, indeed.  One good way to invest in hard assets is to buy the Market Vectors RVE Hard Assets Exchange Traded Fund (HAP).  This ETF closely tracks the Hard Assets Producers index which consists of over 250 companies engaged in the production and distribution of hard assets and related products and services.

The Hard Assets Producers index was developed by the legendary international investor Jim Rogers.  It includes water and renewable energy sources like wind and solar which are ever more important natural resources.  Some of the big holdings of the index are Monsanto, Exxon Mobil, Potash, Syngenta, BHP Billiton, Archer-Daniels-Midland and Gazprom.

Protect your wealth and invest in hard assets.

Source: Invest in Hard Assets!

On a day when the market is having a tough time finding the guts to make a significant move in either direction, there is a surprising amount of stocks deviating from their normal volume patterns.

Continuing with my thoughts on volume from yesterday and the indicator’s strong ability to predict future action, I thought I would take a look at Intrepid Potash (NYSE:IPI).

The stock’s trading volume is roughly about 30% higher than average today.

What does it mean?

At first glance, the activity appears bullish. Shares are in positive territory; meaning buyers must outnumber sellers.

But digging a bit further, it appears the majority of the strong buying activity came early this morning, a continuation of yesterday’s rally. Once the buying slowed down, few investors were willing to step in at the intra-day highs around the $32 level.

Trading cooled off and so did share price.

The volume activity gives us a potential glimpse of things to come. Potash, used heavily in the agriculture industry, was significantly discounted as the global economy screeched to a halt last winter. But now that a light is starting to appear at the end of the tunnel, investors are climbing back into stocks. Investors are surprising optimistic about potash and its demand.

Volume tells the truth

Most indications show the market is overly bullish on the commodity. It appears potash-related positions are due for a drop.

There is one volume-related indicator in particular you should know about: the number of shares sold by insiders.

These folks know the company the best. They know the potash market, its demand and they have a strong feel for what’s ahead. So when I suddenly see insider selling ramp up, it is a surefire clue to pay attention.

The fact that an Intrepid Potash director reported unloading 800,000 shares last week may not be a perfect indication of a drop in share price to come, but it is certainly a glaring sign warning investors to keep alert.

Of course, no good investor will ever buy or sell a stock based merely on a single day’s worth of volume history, but unusual activity is always a great place to start your screening process.

With Intrepid Potash, volume tells us shares may be reaching their near-term peak and are poised for a drop. At least one insider believes now is the time to sell.

Remember, those volume statistics are there for a reason. Use them to your advantage.

Source: Eye on Volume: Another Look at a Strong Indicator

Organic farmers typically use manure from farm animals, or some other form of organic compost. Large, commercial operations typically use ground potash, a rock mined in Canada and elsewhere.

I’m not going to debate organic versus conventional farming here, but suffice it to say that all plants – regardless of how they are grown – need a good source of nitrogen and potassium.

Potash – otherwise known as potassium carbonate – is essential to commercial agriculture. It improves crop yield, taste, water retention, color, disease resistance and texture of food crops. Fruits, vegetables, rice, corn, wheat, soybeans and cotton all benefit from being grown in soil enriched with potash.

In the past few years, shareholders of the largest, profitable potash producers like Potash Corporation of Saskatchewan (NYSE:POT), The Mosaic Company (NYSE:MOS), and Agrium, Inc. (NYSE:AGU) were very happy campers. The stocks traded at PE multiples pushing 30 during the commodity boom of last year.

Not anymore: they’re all off more than 70% from 2008 highs. The financial distress that hit the rest of the economy in the fourth quarter of 2008 hit farmers too. When times are tough, farmers hunker down and cut costs. And one of their biggest expenses is fertilizer.

Most farmers typically have a large stockpile of potash on hand, and not buying on a regular basis causes them to use up what they have. You see, they can’t just stop fertilizing: many soils are overworked, or are marginal to begin with. If they scrimp or otherwise cut back on their applications of nutrients, yields suffer, and crop prices rise.

Once their penny-pinching became obvious to Wall Street, the already jittery markets didn’t need any prompting to hammer shares down to today’s low single digit PE’s, where they’ve remained since last October.

The problem facing the three companies mentioned above is that several big financially strapped potash producers in Russia have dropped prices 25%, putting pressure on others to do the same. This would have the effect of continuing to hold prices low.

It’s all being watched closely by China – one of the world’s biggest potash customers – who’s set to begin negotiations with the industry for its 2009 purchases. In response to the Russian action, Potash has cut production in order to keep prices from dropping through the floor.

The key here is to keep a watchful eye on crop prices. As they start to rise, farmers will jump on the bandwagon and fertilize more to increase their yields and make more money. And given that most are depleting current potash inventories, buying could soon resume in a big way, driving prices up once again.

Growing economies like the BRIC’s: Brazil, Russia, India and China are big potash users, and let’s face it: the world’s growing population will always need to eat.

Source: Agrium, Inc. (NYSE:AGU): Stock of the Day

The last time I recommended a fertilizer stock to the subscribers of my investment letter, Capital & Crisis, we tripled our money in 33 months. I’m hoping for a repeat this time around.

The basic idea is simple: The demand for food is rising, and hence so is the demand for fertilizer, which is essential to crop production. As farmers work with ever-decreasing amounts of good arable land, the need to boost crop yields is paramount. Fertilizers are a key part of doing just that.

The two draught horses pulling fertilizer demand are growing populations and an increase in demand for meat. The latter has an exponential effect on the grain markets. For example, it takes about 7 pounds of grain to produce 1 pound of beef. The ratios are 4:1 for pork and 2:1 for poultry.

And as I pointed out last month, the credit crisis makes it more difficult for farmers to get credit to buy equipment, seed and fertilizers. The market, in response, killed the stock prices of the fertilizer producers – more than discounting a potential soft spring season in 2009. But what it sets up is a real boom in fertilizer pricing on the back half of 2009 as grain prices recover, the debt markets ease and the unfolding food crisis takes hold once again. All the while, global inventories of grain still dwell near record lows.

That’s the lay of the land in a big-picture sense. And that’s why I urged the subscribers of Capital & Crisis to buy the shares of Potash Corp. (NYSE:POT) a few weeks back, when the stock was trading below $50 a share. Today, this blue chip fertilizer company sells for $80 a share, which means that it is not nearly as compelling a value. Nevertheless, even at the current quote, this is a stock that deserves at least an honorable mention.

Potash Corp. produces all three of main nutrients in the fertilizer world – nitrogen, phosphate and potash. This company has a particular abundance of potash, of which it is the largest producer in the world.

Of all the nutrients, potash is the most attractive from an investment point of view. It is the most supply constrained and it yields the richest profit margins. Good deposits of potash are rare. Only 12 countries produce it, but farmers the world over use potash to produce nearly everything.

There are no big new sources of supply coming online anytime soon. Potash also has the least amount of government involvement, thereby lowering political risk. Let’s take a look at this behemoth.

Potash Corp. of Saskatchewan has large and low-cost operations primarily in Canada. As the name suggests, potash is the mainstay of its business. It’s also on a growth spurt, with plans to take production from 10 million tons to 18 million tons over the next five years to meet growing demand. Incredibly, Potash Corp.’s growth alone will make up more than half of world’s new potash supply over the next five years.

Supply is tight, and Potash Corp. has potash in spades. Its reserves are enormous and its mines have long lives – 60-80 years. This is why some call Potash Corp. the “Saudi Arabia of potash.” The costs to build assets comparable to Potash’s are flat-out massive. We can construct a bottoms-up net asset value based on these costs (”replacement value”). Here is a summary of estimated costs to build new capacity, excluding infrastructure costs outside your plant’s gates (i.e., rail, roads, ports, etc.).

• Potash – $1.4 billion per million tons

• Nitrogen – $1 billion per million tons

• Phosphate – $1.5 billion per million tons.

These estimates don’t account for time, either. It takes five to seven years to bring on a new potash mine. It takes three years for nitrogen and three to four years for phosphate. According to CEO William Doyle, project costs could easily top $2 billion on a one million ton potash facility, after infrastructure costs. The costs for competitors form a daunting moat – as does the scarcity of quality potash.

But before we assemble Potash Corp’s net asset value using these estimates, we also have to account for its investment portfolio. Potash Corp. has a number of interesting investments in other companies that make the stock even cheaper than it first appears.

The company owns interests in SQM, a Chilean potash producer (32%); Arab Potash Co. (28%); ICL, an Israeli fertilizer company (10%); and Sinofert of China (20%).

In a September presentation, management disclosed that these investments were worth $23 per share.

SQM is publicly traded. That makes it easy to update – not so for the others. But let’s assume that after the brutal months of October and November, Potash Corp’s portfolio of fertilizer-related investments is worth only $10 per share.

Now we can assemble a basic NAV estimate:

I believe my NAV is conservative on a number of fronts. For example, potash capacity will rapidly grow to 18 million tons, and I haven’t accounted for that. I’ve also been draconian with the investment portfolio, which may be worth twice the price. In any event, I think $100 per share is a conservative rough estimate of NAV.

Excluding this kind of analysis, Potash Corp. also trades at historic lows on earnings and cash flow. It should generate at least $12 per share in earnings this year. At $80 per share, the stock trades for only 7 times earnings. That gives you a lot of room for error.

Potash Corp. throws off gobs of cash flow. For the first nine months of this year, Potash Corp. generated in excess of $2 billion in free cash flow – after capital spending! Most of this free cash went toward repurchasing stock. And the business is not capital-intensive. Management says the business needs only $260 million per year to sustain it. What Potash Corp. spends above this is for growth and is discretionary.

Besides, don’t discount Potash Corp.’s growth potential. In five years, with its expansion plans, the company could earn $25 billion in gross profit in a single year. The whole market cap is only $18 billion today. It could be a five-bagger over that time.

Your biggest risk is if fertilizer prices collapse, in particular the price for potash. One big indicator will be what Chinese buyers pay in spring 2009. But the share price already more than discounts the possibility of a dramatic fall in prices, which seems small given the broader trends I’ve outlined.

Right now, the shares seem quite cheap. “If you think about where our share price is today, we are priced for global depression, not just recession,” President Bill Doyle said in the latest conference call. “It’s as though…people around the world are going to eat bark off of trees. We don’t think that’s the case.”

I’m inclined to agree. Potash is exactly the kind of stock you should be buying now. There is a lot of short-term fear of the credit crisis. But the long-term story that underpins this investment is rock solid. And the company itself owns best-in-class assets.

Source: Buy Fertilizer

For the tale of the tape, the TSX Exchange added 1.03%, while the TSX Gold Index fell 4.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 4.73% with the declining issuers out pacing the advancers by a 650 to 266 margin on volume of 190 million shares traded.

Teck Cominco (NYSE:TCK) tabled earnings of C$432 million, or C$0.97 per share in the third quarter of 2008, compared with C$495 million, or C$1.16 per share tallied in the same period a year earlier. The bottom line was hit by lower copper and zinc prices with higher coal operating profits limiting the impact. Teck ended the day down C$1.78 at C$12.54.

Potash Corp. of Saskatchewan (NYSE:POT) saw its third quarter earnings increase five fold to C$1.24 billion, or C$3.93 per share. To put things in perspective, that exceeded the C$1.1-billion earned in the entire 2007. Potash ended the day up C$3.07 at C$85.99.

Shares of one time high-flyer Noront Resources (CVE:NOT) continued to free fall, dropping C$0.28 to close at C$0.66. The company is in the midst of a proxy fight and just tabled a positive scoping study for development of its Eagle One copper-nickel-platinum deposit in Ontario.

Augusta Resource (AMEX:AZC) tabled a new resource calculation and better metallurgy results from its Rosemont copper project in Southern Arizona. The recovery for molybdenum came in at 70-75%, silver recovery was 80-82% and copper recoveries tallied 84-86%. Augusta closed down C$0.06 at C$1.45.

New Gold produced 68,801 ounces of gold at total cash costs of $566 per ounce in the third quarter. Silver output hit 282,055 ounces and copper production was 2.37 million pounds. New Gold ended the day down C$0.45 at C$1.28.

Things could get awfully dicey for the junior exploration stocks with tax loss season drawing ever closer in a weak liquidity environment. Keep your hard hats on and we will see what Friday trading has in store.

Source: Resource Stock Roundup: Friday, October 24th, 2008