N. American potash stocks ease, still exceed norm-Potash Corp
* Down 3 percent to 2.3 million tonnes
* Lack of China, India contracts hurts sales
Oct 15 (Reuters) - North American potash inventories at the producer level eased slightly i n September, but stocks are still far above normal levels, according to the world's top producer of the crop nutrient, Potash Corp .
Stockpiles of potassium chloride - the key crop nutrient more commonly known as potash - decreased 3 percent, or about 73,000 tonnes, to 2.332 million tonnes in September.
Inventories of the crop nutrient at the producer level now stand 39 percent above the previous five-year average, according to data posted on Potash Corp's website on Monday.
Spot potash prices hovered under $500 per tonne.
A delay in new supply deals between Canpotex Ltd and key export markets China and India had caused potash supplies to swell. Canpotex is the off-shore sales arm of potash mined in Saskatchewan by Potash Corp, Agrium Inc and Mosaic Co.
New supply contracts are not expected until late this year or in early 2013.
Potash Corp recently closed its largest mine at Lanigan, Saskatchewan for one month as the industry grappled with large supplies. The mine reopened on Sunday, spokesman Bill Johnson said.
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