I have heard about this recently too. Did you read this article?
http://www.motherjones.com/tom-philpott/2012/11/are-we-heading-toward-peak-fertilizer
(Speaking of Phosphorous and Potassium) "These two elements cannot be made, cannot be substituted, are necessary to grow all life forms, and are mined and depleted. It’s a scary set of statements. Former Soviet states and Canada have more than 70% of the potash. Morocco has 85% of all high-grade phosphates. It is the most important quasi-monopoly in economic history.
What happens when these fertilizers run out is a question I can’t get satisfactorily answered and, believe me, I have tried. There seems to be only one conclusion: their use must be drastically reduced in the next 20-40 years or we will begin to starve."
Jeremy Grantham
Yet another aspect of the world no one wants to talk about.