Farmers Hold Off, Fertilizer Companies Remain Bullish
November 4, 2022 - While high prices have led to a drop in demand for potash, Nutrien Ltd – the world’s biggest fertilizer producer – says they intend to follow through with plans to expand production capacity. Not only for potash, the company’s chief executive on Thursday stated that they’d be upping the game in nitrogen as well.
According to Reuters, Nutrien is increasing Canadian potash production by 20% to an annual 18 million tonnes by 2025, helping to address tight global supplies related to sanctions against Russia and Belarus, the second- and third-largest producers after Canada.
From Yahoo Finance, fertilizer prices are falling from the highest levels seen in years as farmers postpone purchases to await lower prices. However, they report that top companies remain bullish on the demand outlook with conditions that supported prices for the last year showing no sign of abating.
Source: Reuters, Yahoo Finance