Potash (POT) is up $4.60 to $95.50 amid relative strength in the fertilizer stocks (IPI, MOS, AGU) Thursday. In the options market, trading is active in the July calls and recent trades include a July 110 – 120 – 130 call butterfly, which appears to have been bought 10000X for 55 cents. This strategist must be really high on POT because the max payoff happens if the stock closes at $120 per share (+25.7 percent) at the July expiration (15 days). Breakeven is $110.55 (+15.8 percent).