For a defensive play that offers exposure to commodities but is not considered vulnerable to the economy, both Mark Skousen and Nick Vardy have added fertilizer producer Potash Corp. of Saskatchewan (NYSE: POT) to their buy lists.

"Steadily increasing demand for ethanol has lead to a 15% increase in U.S. corn plantings, according to the Department of Agriculture," explains Mark Skousen, who points out that crops such as wheat and rice are experiencing high demand as well.

In his Hedge Fund Trader, the advisor says, "As a result, global selling prices for major crops are at their highest level in more than a decade. Farms are pulling out all the stops to maximize production. And the first order of business, of course, is making full use of agricultural fertilizers, chiefly potash."

Potash, he notes, comes from potassium that is left behind after seawater evaporates. It is mined from underground deposits. He points out that the largest of these are in Saskatchewan. Canada, he adds, is home to over half of the world's potash reserves and Potash Corp. is the world's largest fertilizer company.

Nick Vardy, in his Global Bull Market Alert, adds, "Potash announced the best quarterly earnings in the history of the company, with earnings hitting $0.88 per share in Q2."

He continues, "That's a 63% jump compared to the same period last year as farmers around the world raced to buy fertilizer to grow more crops. These earnings, which would have been $0.09 per share higher if not for the strengthening Canadian dollar, were 42% above the previous best." Overall, he concludes, "Potash is our #1 play on the boom in soft commodities, and we believe the stock still has a ways to go."

Each day, Steven Halpern's TheStockAdvisors.com features the latest investment ideas and market commentary from the financial newsletter community.