Farms.com Home   Ag Industry News

PotashCorp. Slashes Hundreds of Jobs in Canada, U.S.

By Amanda Brodhagen, Farms.com

PotashCorp, Canada’s largest producer of potash is eliminating 1,045 jobs, which is about 18 per cent of its workforce. The company’s home province of Saskatchewan will take the biggest hit, followed by its operations in New Brunswick and two in the United States.

The Saskatoon-based company says the decision was made due to the weaker demand for potash and phosphates, fertilizers used in agriculture.

Most of the job losses will be in Saskatchewan, where 440 people will be affected, representing about 42 per cent of the move to downsize. New Brunswick will see 130 jobs affected, while more than 435 jobs will be eliminated in the United States.

Here is the breakdown of jobs by province and state affected:

• Saskatchewan – 440 jobs
• New Brunswick –130 jobs
• Florida –350 jobs
• North Carolina –85 jobs
• Other US locations and Trinidad – 40 jobs

The following is a video announcement made by William Doyle, president of chief officer of Potash Corp. entitled “PotashCorp Announces Operating and Workforce Changes.”
 


Trending Video

Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz

Video: Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz


The 12-day war between Iran-Israel came to an end sending crude oil futures plunging as the big fund speculators removed the war risk premium.

The weather risk premium in the Ag complex is sending corn, wheat and soybean futures lower on month-end selling ahead of the market moving USDA quarterly grain stocks and acreage reports on June 30th.

Instead, funds were chasing and sending tech stocks higher with the S&P 500/NASDAQ indexes setting new all-time record highs!

June 1 USDA Hogs and pigs report was slightly bearish while the U.S. $ Index traded to new contract lows as the de-dollarization that began in 2014 continues.

Feed in the form of soybean meal futures for livestock producers got cheaper, trading to new contract lows.

The Stats Canada seeded acreage update was bullish canola and wheat.