BMO Capital analyst Joel Jackson issued a note to clients saying fertilizer demand was expected to re-emerging in the first-quarter.The analyst expects potash prices rising 5% – 10% in 2012, and also said he expects urea nitrogen to fall 3% – 5% while DAP phosphate to fall 13%.Jackson lowered his Henry Hub gas estimate to $3.80 vs. previous estimate of $4.50.The analyst upgraded Agrium (NYSE:AGU) and CF Industries (NYSE:CF) to outperform from market perform.