We're not there yet. Potash Corp., the world's largest potash producer and the second and third largest producer of nitrogen and phosphate, three key crop nutrients, presented poor quarterly results this week. For this industry, weak results in Q3 means 2009 is a write-off and most hope fertilizer buyers will come off the sidelines next year.

who can entirely blame the farmers? The price of potash remained at very low levels for decades and farmers grew comfortable with affordable, predictable fertilizer prices.

When global demand for nutrients skyrocketed last year, fertilizer producers took full advantage and the price climbed to $1,000 (US) per tonne. As a result, last year's predicament provided exceptional value to investors and shareholders, but little to farmers.