The rebound in corn prices will fuel the long-awaited revival in North America's fertilizer market, CF Industries said as it unveiled an 18.3% slide in earnings, missing Wall Street forecasts.

The US-based group remained cautious over near-term prospects for the fertilizer market, forecasting a "reasonably good" autumn for applications provided the weather "co-operates".

However, it forecast a "strong" spring for North American fertilizer applications, backed by "attractive corn farming economics".

The price of Chicago corn has rebounded more than 25% from a low in early September, returning last week above $4 a bushel for the first time since June.

Stephen Wilson, the CF chairman and chief executive, added: "Supported by growing protein demand around the world and positive margins for ethanol producers in the US, strong global demand for coarse grains will continue, keeping grain stocks tight.

"Higher yields will be required to meet demand in upcoming years, which means that fertilizer application rates must remain strong."

Phosphates lead the decline 

The comments came as CF unveiled a fall to $38.5m in earnings for the July-to-September period, on revenues down 58% at $430.1m.

Sales in the phosphates division fell by 63%, with nitrogen revenues slipping 54%, supported in part by a temporary rise in urea prices.

On a per-share basis, earnings came in at $0.78, or $0.99 excluding the one-off costs of developing a Peruvian project.

Wall Street had forecast a $1.02-a-share result, according to Thomson Reuters.

CF shares stood $0.89 higher at $86.30 in afternoon trade in New York.