Media reports out there that India's imports of potash "may" decline by 30% to 35% this year, but that is unlikely to play out the way those farmers want.The Indian Farmers Fertilizer Cooperative has been threatening to boycott the potash producers for a few weeks now.
They are unhappy because the rupee has dropped to a record low against the dollar and since potash -- like other commodities -- is priced in dollar terms, their money stretches less far.
Unfortunately, their boycott is unlikely to force price breaks from giants like Uralkali ( URALL , quote ) or PotashCorp ( POT , quote ). Both of those companies know they can simply sell their potash to other countries -- notably China -- and Indian farmers will have to come around eventually or find other alternatives.
Remember, India was almost squeezed out of the potash contracts this year as it was, so their protest is unlikely to make much difference now.
Meanwhile, fertilizers have been a major underperformer lately and this is weakness to buy.