Why so high you may be asking or what am I smoking perhaps?
They're buying back over 10% of their outstanding shares this year which if my math is correct will lower the shares outstanding. Lower share denominator means higher per share earnings.
Farmers will always buy fertilizer at least the ones I know.
There's an well-written article on Seeking Alpha "CF Industries: Buying $1 For 40 Cents - Follow-Up" where the author lays out the case where, with just the current cash flow, CF could buy back all of their shares in six years.
I'm upping my estimate to 33/share for next year due to their recent divesture that will be used to purchase even more shares.
We may see a buyout before we have a chance to earn 33/share.