North American potash inventories jump 22 pct in November

Fri Dec 14, 2012 8:35pm EST
 
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* Inventories 58 pct above 5-year average

* Contract delays with China, India cause supplies to grow

Dec 14 (Reuters) - North American potash inventories at the producer level, a key indicator of market sentiment, spiked 22 percent in November, according to the world's top producer of the crop nutrient, Potash Corp.

Stockpiles of potassium chloride, the crop nutrient more commonly known as potash, swelled more than 547,000 tonnes to 3.077 million tonnes, according to data posted on Potash Corp's website on Friday.

Inventories of the crop nutrient at the producer level now stand 58 percent above the previous five-year average.

Spot potash prices eased to roughly $460 per tonne.

Potash supplies have swollen as top global consumers China and India delay signing new supply contracts with Canpotex, the offshore marketing company owned by Potash Corp, Agrium Inc and Mosaic Co.

The vast majority of the potash produced in North America is mined in the Western Canadian province of Saskatchewan, where Potash Corp is headquartered.