When it comes to deal-making, the fertilizer market can get surprisingly confusing. Back in January, CF Industries (CF) dropped its year-long struggle to acquire Terra Industries (TRA). At the time, CF Industries was itself the subject of a $5.36 billion hostile bid from competitor Agrium (AGU). By dropping its hostile bid for Terra, CF has made it more likely that Agrium will soon get its prey and, as a result, become the No. 2 publicly traded maker of nitrogen-based fertilizers.