“Global phosphate markets remain tight supported by Chinese export restrictions and production outages in the US. We anticipate some impact on global demand due to tight supply and weaker affordability,” the company said.
Nutrien lowered its outlook for annual phosphate sales volumes to be in the range of 2.4-2.5 million tonnes from 2.5-2.6 million tonnes previously.
However, Nutrien raised its annual forecast for potash sales volumes, owing to expectations of stronger demand in key markets. Other producers are also hopeful about a rebound in demand and prices during the second half of 2024.
The company’s net profit fell nearly 70% to $25 million in the third quarter, while net sales declined 5% to $5.35 billion.
Lower sales volumes and a decline in seed margins in key markets led to a 23% fall in adjusted core profit at Nutrien’s retail segment – its largest by revenue.
Nutrien’s results are…
