North American potash stocks creep up in October

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North America's ample stocks of the crop nutrient potash increased 2 percent in October, according to data posted Thursday on Potash Corp of Saskatchewan's website.

Stockpiles of potassium chloride, more commonly known as potash, rose 56,000 tonnes in October from the previous month to 2.83 million tonnes.

Inventories of the crop nutrient at the mine level still stood 39 percent above the previous five-year average.

Stocks have piled up amid slumping demand for potash, especially from China and India. Some buyers have moved to the sidelines since July 30, when the Belarusian Potash Co (BPC) export partnership broke up and top global producer Uralkali OAO said it would seek to maximize sales volume, triggering a drop in prices.

Potash exports by the North American producers jumped 27 percent in October from the previous month to 506,000 tonnes, rising for the first time since April.

Domestic sales, mainly to the United States, spiked 46 percent from September to 968,000 tonnes. Those sales were 57 percent higher than a year earlier.

Potash production rose 9 percent from the previous month to 1.457 million tonnes.

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