StreetInsider.com  Oct 21  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Vertex+Pharma+%28VRTX%29+Affirms+FDA+Panel+Approval+of+KALYDECO+for+R117H+Mutation+of+CF/9929069.html for the full story.
Benzinga  Oct 20  Comment 
Morgan Stanley resumed an Overweight rating on CF Industries Holdings, Inc. (NYSE: CF) with a $300 price target in a report issued Monday. Analyst Vincent Andrews predicated his view on "1. CF as the leading low cost producer of North American...
Benzinga  Oct 17  Comment 
In a report published Friday, Bank of America analyst Kevin W. McCarthy reiterated a Buy rating on CF Industries Holdings (NYSE: CF), but lowered the price target from $306.00 to $283.00. In the report, Bank of America noted, “CF is settling...
StreetInsider.com  Oct 17  Comment 
* Westmoreland Coal (Nasdaq: WLB) Oxford Resource Partners, LP (NYSE: OXF) and Oxford Resources GP, LLC, the general partner of Oxford (“Oxford GP”), announced that Westmoreland will acquire Oxford GP and contribute certain royalty bearing...
TheStreet.com  Oct 17  Comment 
NEW YORK (TheStreet) -- Shares of CF Industries Holdings are down 0.33% to $253 in pre-market trade after it was reported that theamanufacturer and distributor of nitrogen and phosphate fertilizer productsaended merger talks with Norway's Yara...
Benzinga  Oct 17  Comment 
CF Industries Holdings, Inc. (NYSE: CF) shares fell in the extended session Thursday after it dropped plans to merge with Norwegian fertilizer maker Yara International. CF traded recently at $244, down 3.8 percent. CF, a fertilizer...
Wall Street Journal  Oct 16  Comment 
Norway’s Yara International and U.S.-based CF Industries have ended merger talks that would have formed a nitrogen fertilizer company with more than $18 billion in annual sales.
StreetInsider.com  Oct 9  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Vertex+Pharma+%28VRTX%29+Updates+on+Progress%2C+Upcoming+Milestones+in+CF+Treatment+Development/9899512.html for the full story.
SeekingAlpha  Oct 8  Comment 
By Cup & Handle: The bear market in grains, driven in part by ideal growing conditions across the United States, has been unrelenting in 2014. Private firms expect that farmers will see the highest yields in history. The December 2014 corn future...
Market Intelligence Center  Oct 8  Comment 
Shares of CF Industries (CF) reached a new 52-week high of $290.29 on Oct 7, exceeding its previous high of $281.95. The stock pulled back to end the trading session at $282.76 on that day. The fertilizer maker, which has a market cap of around...


The company is one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in North America. The company's operations are organized into two business segments: the nitrogen fertilizer business and the phosphate fertilizer business. The company's principal products in the nitrogen fertilizer business are ammonia, urea and urea ammonium nitrate solution (UAN). The company's principal products in the phosphate fertilizer business are diammonium phosphate (DAP) and monoammonium phosphate (MAP). The company supplies approximately 24% of the nitrogen and approximately 12% of the phosphate used in agricultural fertilizer applications in the United States. North America accounts for 91% of CF's sales


CF is a leader in US nitrogen. The company has one of the highest market shares in the US corn-belt (30% nitrogen, 17% phosphate) making CF the closest pure-play on potential growth in US corn acres tied to corn use for ethanol production. CF is the second largest nitrogen producer in North America with 3.6m tons of ammonia and 2.5m tons of urea capacity. CF is the #3 producer of phosphate fertilizer in North America based on 1m tons of phosphoric acid capacity in Florida. CF Industries is a leading US producer and distributor of nitrogen (75% of sales) and phosphate (25% of sales) fertilizers. The company has a 23% share of the total US nitrogen market and a 12% share of US phosphates.

Phosphate prices are strong due to low stocks, new demand for corn (from ethanol), that has created the largest corn crop since 1944 and significantly in creased acreage and fertilizer application rates. The phosphate market will remain tight next year based on healthy offshore demand growth in India and Brazil and higher application rates in the US. This is likely to lead to higher price and cash margins for various fertilizers. The Phosphate producers have better producer discipline and price leadership by Mosaic under a new team, no new mines until 2011 and offshore demand growth in India, Brazil and Australia.


Natural gas is the principal raw material, as well as the primary fuel source, used in the ammonia production process. Natural gas purchases accounted for approximately 54% of the total cost of sales for nitrogen fertilizers and a substantially higher percentage of cash production costs. The market price for natural gas in North America is significantly higher than the price of natural gas in other major fertilizer-producing regions. For example, during 2006, natural gas prices in the United States averaged approximately $6.74 per MMBtu and in Canada averaged approximately $5.76 per MMBtu. In comparison, during 2006, natural gas prices paid by fertilizer producers are estimated to have been approximately $1.25 per MMBtu in Russia and approximately $2.65 per MMBtu in the Republic of Trinidad and Tobago. A $1.00 per MMBtu change in the price of natural gas would change the cost to produce a ton of ammonia by approximately $33.

Customer concentration is high, as well. Three customers, Agriliance, GROWMARK, Inc., and ConAgra International Fertilizer Company made combined fertilizer purchases of approximately $944.0 million, representing approximately 48% of total net sales.


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