The Financial Post reports in its Tuesday edition analysts at Macquarie do not see potash prices improving any time soon. The Post's Peter Koven, writing in Trading Desk, quotes analyst Daryna Kovalska calling for an average potash price of just $254 a tonne next year, down from more than $300 today, citing weakness in agricultural commodities and depreciating currencies in emerging markets (all figures U.S.). Ms. Kovalska expects global potash demand to fall by 4.4 million tonnes in 2016, with the biggest declines coming in Southeast Asia, India and Brazil. China is sitting on huge potash stocks. The nightmare scenario for Potash Corp. of Saskatchewan is a collapse of the potash contract pricing system. Ms. Kovalska also pointed out that in a "post cartel" world, the producers lack the discipline to reduce supply enough to bring it in line with demand. "The outlook for the potash market remains very pessimistic," she said. Daniel Greenspan, another Macquarie analyst, downgraded Potash Corp. to underperform from neutral, and slashed his price target by 31 per cent to $22 a share. He believes the stock could perform better than expected if investors get behind Potash Corp.'s proposal to buy German rival K+S.