K+S falls after Berenberg cuts rating to 'sell' from 'buy'

K+S AG

20/08/2025 07:10

** K+S' SDFGn.DE stock is seen falling 4.8% in early Frankfurt trade after Berenberg cuts its rating for German potash and salt miner to "sell" from "buy", seeing no plausible way to remain at a buy rating given the expectations of lower prices for agricultural commodities from 2026 and higher global potash output

** The broker notes higher U.S. corn acreage may boost near-term potash demand, but higher potash supply from Laos and BHP's BHP.AX long-awaited Jansen mine in 2027, alongside higher corn production, should push prices down

** It says Brazilian granular potash prices during the mid-2010s stood within the USD200s/tonne range, suggesting room to fall further from its current price at $355/tonne, especially given BHP Jansen’s originally targeted USD105-120/tonne production costs

** K+S is seen at the bottom of Germany's mid-caps index .MDAXI in early Frankfurt trade

 (Reporting by Tristan Veyet)

 ((Tristan.chabba@thomsonreuters.com))