Rio de Janeiro—Vale SA expects to record a US$1.2 billion after-tax impairment (with no cash effect) on its fertilizer business for the fourth quarter of 2016, the company said in a regulatory filing Feb. 6. The charge arises from the agreement announced in December to sell the bulk of its fertilizer assets to The Mosaic Co. for US$2.5 billion (GM Dec. 23, 2016). Vale expects to report its fourth-quarter and full-year 2016 results on Feb. 23.
Under the agreement with Mosaic, which remains subject to the customary regulatory approvals and the carve-out of the Cubatão-based nitrogen and non-phosphate business from Vale Fertilizantes, the Brazilian mining major expects to receive US$1.25 billion in cash and approximately 42.3 million shares of Mosaic’s common stock. Vale also will have the potential to earn an additional US$260 million, to be paid in cash over a two-year period following the transaction’s close, if certain financial metrics are met. It expects to complete the sale to Mosaic in late 2017. Vale said it will seek buyers for the Cubatão assets this year.
Oslo—Yara International ASA reported fourth-quarter net income after non-controlling interests of negative NOK333 million (NOK1.22 per share), compared with a positive NOK434 million (NOK1.58 per share) a year earlier. Revenues and other income totaled NOK22,327 million for the quarter, down from NOK25,722 million.
“Yara reports a weaker result than a year earlier, reflecting lower fertilizer prices as the global nitrogen price floor was tested during the quarter,” said President and CEO Svein Tore Holsether. “But our operational performance improved significantly, with fertilizer sales and production up 15 percent and 11 percent, respectively.”
Total deliveries for the quarter were 9.14 million mt, up from the year-ago 8.35 million mt. Fertilizer deliveries were 6.86 million mt, up from 6.15 million mt, while industrial were 1.77 million mt, up from 1.76 million mt, and ammonia at 507,000 mt, up from 450,000 mt. Full-year net income was NOK6,360 million on revenues of NOK97,170 million, down from 2015’s NOK8,083 million and NOK111,897 million, respectively.
Full-year deliveries were 36.2 million mt, up from 2015’s 35.7 million mt. Fertilizer deliveries were 27.2 million mt, up from 26.5 million mt. Industrial deliveries were down at 6.9 million mt from 7 million mt, while ammonia deliveries were off slightly at 2.04 million mt from 2.1 million mt. The Yara board is recommending a dividend of NOK10 per share for 2016, down from 2015’s NOK15.
U.S. Gulf: Granular prompt granular barge prices narrowed last week, trading in the $243-$245/st FOB range compared with the prior week’s $240-$250/st FOB.
Prills continued to be called $245-$250/st FOB.
Urea imports were up 21 percent in December, to 772,921 st from the year-ago 637,136 st. July-December imports still lagged 31 percent, or some 1.1 million st, at 2.5 million st, down from the year-ago 3.6 million st.
Despite all the talk of less urea coming out of China, DOC statistics show that July-December urea imports were up slightly at 197,567 st from the year-ago 195,257 st. December imports were 95,591 st, up from 69,586 st. The largest laggers YTD appeared to be Qatar, down at 377,659 st from 701,777 st; UAE at 289,603 st versus 435,098 st; and Indonesia at 48,033 st versus 145,989 st.
Urea exports were off 67 percent for December at only 9,011 st from the year-ago 27,068 st. They remained up for the July-December period, however, at 116,427 st from 106,980 st.
Eastern Cornbelt: Granular urea pricing remained at $280-$300/st FOB in the Eastern Cornbelt, with the lower numbers reported at Cincinnati, Ohio, and other spot river locations for prompt tons.
Western Cornbelt: The granular urea market remained at $280-$290/st FOB St. Louis, Mo., and up to $295-$300/st FOB at spot terminals in the Iowa market. There were reports of urea business in the Minneapolis, Minn., market concluded at the $285-$290/st FOB level for river open, while the Catoosa, Okla., urea market was pegged in the $275-$280/st FOB range for February tons.
California: Granular urea pricing was quoted at $330-$340/st FOB California terminals, with the low end of the range reflecting a $10/st increase from last report. Rail-delivered urea was pegged in the $350-$360/st range in the state, also up $10/st from mid-January.
Pacific Northwest: The urea market was quoted at $315-$320/st FOB Rivergate, Ore., with the upper end of the range reflecting the updated reference price as of Feb. 10. Delivered tons were quoted at $350-$360/st in the Pacific Northwest, up $5/st from last report, and were reportedly trending to the upper end of that range as the week progressed.
Some sources expressed concerns about urea availability in the region for the spring season, but another vessel has reportedly been secured for Rivergate. One source said urea and UAN volumes should be up this spring due to healthy stands of wheat following the winter’s plentiful precipitation.
Western Canada: Granular urea pricing had reportedly firmed to $500-$520/mt DEL for spring tons in Western Canada, up $10/mt from last report, although some sources said brokered prompt tons could still be had for sub-$500/mt DEL levels on a spot basis.
Middle East: Prices have begun to come off. Sources said nailing $275/mt FOB is no longer the battle it was just a few weeks ago. Likewise, the paper market is now showing $266-$268/mt FOB for March tonnage.
Demand for product has eased following the end of the U.S. buying season in January. Sources said tonnage is still available for shipment this month. Just a week ago, producers were arguing that supplies would be tight until March to justify holding on to their higher pricing idea.
The slide in pricing reflects a similar shift in pricing in China. Sources noted that prices for Arab Gulf product have been matching those from China for some time.
China: Prill and granular prices have started to come off as the domestic season winds down and no major international buyer has stepped up.
Sources put prills at $250-$255/mt FOB, with most of the discussion focused on the lower end of the scale. Sources added that it would not be surprising to see prices dip below $250/mt FOB before the end of the month. Granular product is now pegged in the low-$260s/mt FOB, with a few claiming that some last-minute deals might reflect prices in the upper-$260s/mt FOB.
With the domestic season winding down, producers are now looking for large sales to offshore buyers. The largest single buyer – India – is not expected to come back in with a major urea tender until March. The build-up of product could be a major downward force on prices.
The national production rate remains just at 50 percent. Producers continue to face higher prices for inputs, including electricity to run the plants, as well as stiff fines for excess pollution. The national government has stepped up its anti-pollution campaign. Some plants have been forced to close because they could not meet the new emissions standards.
India: Sources said the reserves on hand are sufficient to hold over the country until the next fiscal year starts on April 1. Industry watchers speculate that a tender will not be called until the second half of March.
The final details for the 2017/18 budget are coming out, and fertilizer subsidies did not get a boost. Urea subsidies for the next fiscal year will remain about Rs50,000 crore (US$7.5 billion).
Indian urea producers remain skeptical of how well that number will work. The government had to go to the treasury for a special fund of Rs10,000 crore (US$1.5 billion) to cover the arrears from the current subsidy payment plan. The government said it should have all arrears covered by November.
At the same time, the government is looking to experiment with direct payments of urea subsidies to farmers rather than giving the subsidies to the companies selling the fertilizer. The fertilizer minister told local media that the government plans to institute a direct payment plan to farmers in 16 districts around the country.
Pakistan: The first two cargoes of 300,000 mt of urea marked for export were sold to East African buyers through Keytrade. Sources said the price was in the high-$240s/mt FOB. The price achieved is about $20/mt higher than the official price of $229/mt FOB in the country.
The government agreed to sell the 300,000 mt only if the deals incurred no losses to the national treasury or private companies handling the sales. The full amount is supposed to be sold by the end of April.
U.S. Gulf: Shippers reported fog delays in the Gulf, East Canal, and West Canal last week, which caused navigation delays of up to eight hours.
Sources reported Algiers Lock delays in the 8-19 hour range, and wait times at Industrial Lock were noted at 11-16 hours on Feb. 8. Port Allen Lock required up to 10 hours to pass, and navigation through Bayou Sorrel Lock was clocked at 7-9 hours. Calcasieu Lock delays were quoted at 10 hours on Feb. 8.
Shippers reported transit restrictions in the West Canal’s Matagorda Bay area (Mile 471), with navigation limited to 6:00 a.m. to 10:00 a.m. on Feb. 3-9 to allow workers to bury an exposed natural gas pipeline. Sources estimated transit delays of approximately one day through the site.
Tentative 60-day shutdowns are scheduled at Harvey Lock and Bayou Boeuf Lock beginning in August. The Corps noted that the Bayou Boeuf closure could still be rescheduled for 2018.
Lower Mississippi River: Southbound tows were limited to 35 barges south of Cairo, Ill., shippers said. Dike work in the Lake Providence area was scheduled to conclude on Feb. 10.
Upper Mississippi River: Intermittent fog delays slowed vessels by 5-8 hours on several occasions last week, shippers said. The conditions, combined with elevated river levels and difficult weather conditions, contributed to barge reductions on southbound tows at Cairo. Vessels were capped at 35 barges per tow, leading to delays of 4-5 days.
Transit through the Madison Railroad Bridge (Mile 389.3) was unavailable Feb. 6-10 due to bridge repairs. Navigation was slated to resume over the weekend before closing again on Feb. 13-17.
Lock 21 transit restrictions in effect through Feb. 28 limited travel to overnight hours only. In addition, tows are subject to a 70-foot width restriction, necessitating triple-wide tows to stage barges and make multiple passes. Tow haulage equipment is unavailable while work is underway, shippers warned, necessitating the use of assist vessels on entry and exit.
Locks closed for the winter navigation season will begin reopening on March 3-4. Actual transit availability will be dependent on a number of river factors, shippers cautioned.
Sources estimated Thebes, Ill., rock removal operations could restart in mid-to-late February. The project has been idle due to river levels exceeding the Corps’ 15-foot depth prerequisite required for work to resume. The Cape Girardeau, Mo., gauge was clocked at 22.16 feet and falling on Feb. 8.
Illinois River: River levels in the Havana and Beardstown areas receded below flood stage for the week. Fog interrupted operations on the Illinois Waterway, triggering sporadic delays of 4-8 hours.
Marseilles Lock delays ran up to seven hours for the week, and Starved Rock Lock reported 10-hour waits. The Peoria and LaGrange Locks remained offline, allowing boats to pass freely.
Ohio River: The National Weather Service (NWS) reported a rapid rise in Ohio River levels, starting at Cincinnati and flowing south. Daily increases of 2-4 feet were forecast at Cincinnati, McAlpine Lock, and Evansville. Levels remained significantly below flood stage as of Feb. 8, but shippers were warned of potential delays should gauge readings continue to rise.
The auxiliary chamber at New Cumberland Lock closed for maintenance on Feb. 6. The work is scheduled to continue through March 17, when the main chamber will also experience intermittent shutdowns. The Markland Lock auxiliary chamber will close March 6 through April 26.
Locks 52 and 53 did not lock for the week, allowing vessels to pass freely.
The Cumberland River will close to transit for approximately 72 hours starting on Feb. 14, sources said, due to construction on the Henry R. Lawrence Bridge (Miles 63-64). Channel dredging and maintenance at Miles 102-104 is scheduled through March 31. Navigation delays have been reported.
The Monongahela River’s Braddock Lock and Dam continued operating without the use of its river chamber, sources said, forcing traffic to pass via the land chamber instead. Shippers speculated that a lock closure scheduled for March 27 through April 28 would return the lock to full operation.
A hydraulic leak responsible for shuttering the Allegheny River’s Lock 6 currently has no scheduled repair date, sources said. The shutdown has effectively closed the river to commercial transit.
Erosion control work at the Tennessee River’s Mile 244 is in progress through April 14. Planned maintenance will limit Kentucky Lock transit to overnight hours on March 7-16, followed by sporadic four-hour closures on March 17-30. Wilson Lock is due for intermittent 10-hour shutdowns running between April 17 and June 8.
The Fertilizer Institute’s (TFI) board of directors on Feb. 7 elected Chuck Magro, president and CEO of Agrium, and Tony Will, president and CEO of CF Industries, to serve two-year terms as the board’s chairman and vice chairman, respectively.
“Chuck and Tony have been leaders throughout my tenure at TFI, and I look forward to working with them to chart a course for 2017 and beyond,” said TFI President Chris Jahn. “Both have a strong commitment to TFI and its work, and I know that our initiatives in the stewardship and sustainability, policy advocacy, and member services arenas will benefit from their guidance.”
More than 600 industry representatives gathered in Scottsdale, Ariz., on Feb. 6-8 for The Fertilizer Institute’s 2017 Annual Meeting. While urea and ammonia availability for the spring planting season remained a common theme in discussions, attendees and speakers were also quick to offer opinions on the Trump administration and what to expect in terms of policy.
TFI President Chris Jahn told conference-goers that “rural America and agriculture are front and center in Washington for the first time in a long while,” but warned that Trump’s quick action on multiple fronts “could result in a slew of litigation.”
Jahn also highlighted the industry’s ongoing need to “reposition” itself and “tell a positive story” about safety and environmental responsibility, noting that “the fertilizer industry is twice as safe as the chemical industry.” He cited a Jan. 18 story in the New York Times about Sonny Perdue, President Trump’s pick for USDA secretary, which quoted an environmental group’s opinion that “a former fertilizer salesman” would be unlikely to “tackle the unregulated farm pollution that poisons our drinking water, turns Lake Erie green, and fouls the Chesapeake Bay and the Gulf of Mexico.”
Economist and author Dr. Alan Beaulieu offered a rosy picture of the U.S. economy in his opening keynote address, along with a somewhat less enthusiastic assessment of the Trump presidency. “There is no easy way to change large things in this country, and that’s a good thing,” he said, likening the U.S. to a “slow-moving ship” that takes time to adjust. “No matter what happens, rollbacks take time,” he said. “Nothing is going to happen quickly.”
Beaulieu said the U.S. economy was already “swinging up” and “firing on a lot of cylinders” before the November election, fueled by high GDP and robust industrial production. He warned, however, that there will be a recession in Trump’s first term based on the proven four-year recession cycle.
“If you’re excited about Mr. Trump, I don’t want to throw water on you,” he said. “But my prediction is that Mr. Trump is a one-term president.” While the industry audience was largely receptive and friendly to Beaulieu’s message, that statement prompted one attendee to shout “Wrong!” from the front row.
Beaulieu said the U.S. economy is the world’s largest, boasting 24.5 percent of global GDP compared with 15 percent for China and just 1.7 percent for Russia. He noted, however, that more than half of the U.S. population doesn’t know this or believes the opposite.
Beaulieu said the U.S. is a global leader in oil and natural gas production as well, and can be energy independent any time it wants. Recalling the early 1970s, he said “our kids won’t know anything about oil embargoes and gas lines.” He said the coal industry is dying, however, and will not make a comeback. “Renewable energy is a field that will last,” he said, noting that the U.S. has already met the carbon dioxide emissions standards of the Kyoto Protocol even though it is not a party to that agreement.
Beaulieu said the positive GDP outlook “bodes well for farm income,” predicting that the long slide in farmer income is nearing a trough and will likely improve in 2017/18. “All leading indicators show a strong and growing economy” with commodity prices moving up, he said.
Beaulieu said consumers are benefiting from favorable interest rates, stable currency, and high paying jobs, with median incomes going up even when adjusted for inflation. In the industrial sector, he said there are more investment dollars coming into the U.S. than ever before. “The U.S. is almost at a record high level of manufacturing, and is the second most competitive nation globally in terms of manufacturing,” he said.
He highlighted a number of economic concerns, however, including growing national debt and health care expenditures that remain too high as a percentage of GDP. Globally he said China “is a mess” and South America “is a disaster” because of inflation, corruption, and protectionism, but he cautioned attendees not to worry about Great Britain’s withdrawal from the European Union, referring to Brexit as “a peaceful divorce.”
Perhaps his most dire warning was directed at protectionism and the erection of trade barriers, which he said cause inflation and inefficiencies, shortages of materials, and production disruptions. “You need to deal with unfair trade practices, but don’t be lulled into thinking that we can put up barriers,” he said. “You can repeal NAFTA, but replace it with what?”
Supermarket Guru and consumer analyst Phil Lempert gave the second keynote, detailing trends in food production and the many changes taking place in the grocery retail space. Lempert said traditional grocery stores are failing, while non-traditional stores that are focused on “waste-free” and “fresh” formats, health and wellness, enhanced nutrition and sustainability, and social activism are doing well. As an example of this shift, he said Amazon Go convenience stores will be one of the top three food retailers in the next ten years.
The conference also featured an updated on the 4R nutrient stewardship program by three scientists who are engaged in ongoing field research projects.
Corrine Ricard has been named senior vice president of commercial at The Mosaic Co., stepping into Rich McLellan’s previous role. He was named senior vice president for Brazil after it was announced that Mosaic was buying major assets of Vale SA (GM Dec. 23, 2016). Ricard most recently headed up Mosaic’s human resources department, and before that spent many years in Mosaic’s commercial business.
Tampa: Little movement was reported in the domestic molten market. The first-quarter contract was valued at $75/lt DEL, up from $69.55/lt in Q4.
Refinery utilization fell for the week, according to the U.S. Energy Information Administration (EIA). Refiners operated at 87.7 percent capacity for the week ending Feb. 3, a 0.5 percent decline from the prior week’s 88.2 percent. The rate nevertheless kept ahead of both the year-ago 86.1 percent and five-year average of 87.1 percent.
The EIA noted reduced daily crude inputs as well. Refiners processed an average 15.893 million barrels/d, a decline of 54,000 barrels/d from the 15.947 million barrels/d reported one week earlier.
U.S. Gulf: Sources noted recent data points in the low-$80s/mt FOB, an increase from $75-$77/mt FOB at last report. Rumors described a formed sulfur cargo loading at NOLA and priced at $100/mt CFR Brazil. The vessel, believed to be destined for Vale SA, was left without buyer confirmation on Feb. 9. If confirmed, the $100/mt CFR pricing would translate to approximately $80/mt FOB NOLA, sources estimated.
Local media reported a fire at the 135,000 barrel/d Valero Energy Corp. refinery at Meraux, La., on Feb. 8. The blaze was confined to a compressor located in an area rarely frequented by workers.
U.S. Imports: Imports were up 11 percent in December, to 153,078 st from the year-ago 137,607 st. They were off three percent for July-December, however, to 809,077 st from 833,761 st.
Vancouver: Observers continued to describe both the Vancouver export and Chinese import markets as “slow” due to the Lunar New Year celebration at China, calling both markets flat at $87-$92/mt FOB and $101-$107/mt CFR, respectively.
Alberta netbacks ran (-)$55-$20/mt FOB for the week, unchanged from the previous report.
U.S. Gulf: Price ideas on sulfuric acid vessels imported to the Gulf of Mexico were quoted in the $40-$45/mt CFR range, unchanged from the previous week. Last-done Brazil was called $45-$50/mt CFR. Both markets were traced to $5-$10/mt FOB pricing reported at smelters located in Northwest Europe. Chile was called $40-$45/mt CFR.
In the domestic markets, sellers noted sales in the $80-$90/t DEL range for Midwest tons, and firming predicted for first-half 2017 in the West Coast market has yet to nudge prices from the last-reported $100-$110/t DEL level. Material destined for Gulf delivery fell in an $85-$95/t DEL range.
U.S. Imports: Imports were up two percent in December, to 307,122 st from the year-ago 301,212 st. They were off 13 percent for July-December, however, to 1.78 million st from 2.04 million st.
U.S. Gulf: Prompt barges saw higher numbers last week at $212-$217/st FOB, with most sources right in the middle at $215/st FOB.
MOP imports were up 18 percent in December, to 952,540 st from the year-ago 810,210 st. July-December imports were up 7 percent, to 5.02 million st from 4.71 million st.
While imports from Canada appear to be about level with year-ago numbers, the largest uptick in YTD came from Belarus at 266,607 st, up from 42,346 st, and Israel at 117,884 st versus 57,104 st.
Eastern Cornbelt: The potash market remained at $245-$265/st FOB in the Eastern Cornbelt, with the low quoted out of Cincinnati and other river locations, and the upper end at inland warehouses.
Western Cornbelt: Potash remained at $245-$260/st FOB in the Western Cornbelt, with the St. Louis market quoted at $245-$250/st FOB in early February. The potash market FOB Catoosa was steady at $245-$250/st FOB for the week.
California: The California potash market was steady at $390-$400/st FOB and $395-$405/st rail-DEL. One source said all the winter precipitation has likely flushed chlorides out of the soil, which bodes well for potash rates this year.
Sulfate of potash (SOP) remained at $580-$590/st FOB in the state, with rail-DEL tons quoted at the $595/st level in the Central Valley.
Crystalline potassium nitrate was unchanged at $830/st FOB for bulk tons and $920/st FOB for 50-pound bags in California.
Pacific Northwest: Sources quoted the 60 percent potash market at $338-$348/st FOB in the Pacific Northwest, with rail-DEL tons roughly $10/st higher. Potash postings FOB mine locations at Moab and Wendover, Utah, remained at $290/st for 60 percent granular and $285/st FOB for 60 percent standard.
The sulfate of potash (SOP) market was steady at $560-$570/st FOB in the Pacific Northwest.
SOP Magnesia remained at $302-$322/st FOB regional terminals.
Western Canada: Potash was steady at $330-$340/mt FOB Saskatchewan mines, with regional warehouse pricing reported in the $345-$365/mt FOB range, depending on location.
China: With the country’s Lunar New Year celebrations now finished, negotiations for new supply contracts are anticipated to get underway shortly, and according to some sources, likely will start during the current month.
Some international suppliers are disinclined to speculate about the new China contract, but BPC is among those that believe the new supply contract will be “another [positive] step in the development of the market,” according to Belta, quoting the company’s press service.
Some analysts are taking bullish positions. Russia’s VTB Capital believes potash suppliers could secure as much as a 14 percent price increase with Chinese buyers, taking the new price to as high as $250/mt CFR, according to a Bloomberg report, citing VTB analyst Elena Sakhnova. Sakhnova noted improving spot prices on China’s domestic market, as well as an improved global supply-demand picture, as supporting the bullish outlook.
China’s potash inventories are also lower than at this time last year. Suppliers and the Chinese Buying Consortium last year finally settled on $219/mt CFR after delaying signed contracts until July and August. The 2016 contract price was a 30 percent reduction from the 2015 contract price of $315/mt CFR and the lowest in 12 years.
Some other sources talk of a possible $15-$20/mt CFR increase this year. Generally, a more timely settlement is expected for the 2017 seaborne import contract compared with last year.
China imported 1.034 million mt of potash in December, topping the one million mt mark for only the sixth time on record, according to The Mosaic Co.’s China NPK Statistical Update, citing Chinese Customs. Imports for the full 12 months fell 28 percent, however, to 6.83 million mt from 2015’s 9.44 million mt. Import volumes from all sources, except Russia, were lower in 2016.
Brazil: Positive agricultural fundamentals continue to support potash demand in the Brazil market. Sources said prices are getting a boost from talk of low inventories.
Delivered prices were higher this week, certainly at the top end of the range. At least two major suppliers said they recently achieved $250/mt CFR on some sales of granular tons. Among them was Canpotex, which said on its website that it has finalized pricing for “some smaller volumes” at the $250/mt CFR level.
Another major supplier put the current market for delivered tons in the $245-$250/mt CFR range, but it remains unclear if tons can still be secured at sub-$245/mt CFR levels.
Western Europe: Sources report that granular potash is being offered at up to €250/mt CIF, but this level is not believed to have been widely achieved. Amid limited new business, the Northwest Europe granular range was quoted within the €235 to low-€240s/mt CIF range.
Belarus: Belarusian Potash Co. (BPC) and Belaruskali exported 9.5 million mt of potash fertilizers last year, some three percent more than the 9.2 million mt shipped in 2015, according to Belta, citing BPC.
According to Bloomberg, the Belarus potash exporter’s share of the potash export market last year was about 20 percent. However, Belarus potash revenues were down by roughly a quarter from 2015, according to BelaPan. The revenue drop reflected lower potash prices, the low purchasing power of key customers, and the late signing of several major contracts, the news agency reported, citing Ivan Golovaty, Belaruskali’s general director.
Actual 2016 revenues have yet to be disclosed. As previously reported, BPC said it is fully committed for the first quarter, as a number of other potash exporters have reported. While the export organization sees the 2017 potash market as “positive,” it does not believe the market is yet in a condition to allow Belarus to boost its potash exports above 10 million mt this year, according to a Bloomberg report, citing Russia’s VTB Capital.
BPC said it supplied some 350,000 mt of potash to American customers in 2016, according to Belta, citing the potash exporter’s press service. The company said it has not yet gained a firm foothold in the American market and is pursuing a policy of “gradual restoration of traditional volumes,” according to the news agency.
Belarus shipped around 178,000 mt of potash to the U.S. in 2015. No volumes were believed to have been exported from the country to the U.S. in 2014.
Canada: Canpotex has previously said it is fully committed through the first quarter. According to Mosaic Executive Vice President and CFO Richard Mack in the company’s Feb. 7 earnings call, the Canadian potash export organization is scheduling a “very robust shipment schedule” in the first half of 2017.
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All information has been obtained by Green Markets from sources believed to be reliable. However, because of the possibility of human or mechanical error by our sources, Green Markets or others, Green Markets does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.
