Several years into the fertilizer industry downturn, Agrium and Potash Corporation had had enough. Major producers brought too much production online too quickly. At the same time, large international markets that supported healthy export volumes found supplies closer to home. As a result, selling prices for the big three fertilizer ingredients -- nitrogen, potash, and phosphate -- were sitting at multiyear lows.That's why Agrium and Potash Corporation decided to combine in a "merger of equals" (Canadians are so polite).