Black Swan-like events — unanticipated calamities that pull markets into a tailspin — upended the typical cycles of the market, the CEO said. Russia’s 2022 invasion of Ukraine disrupted global fertilizer shipments and pushed prices — and Nutrien earnings — to record heights. But as farmers and retailers balked at the sticker shock, demand tumbled.
Nutrien and its rivals have been predicting better market conditions over the past several quarters that so far have yet to materialize. The Canadian company’s earnings plunged 71% in the first quarter. Its shares, meanwhile, have tumbled more than 50% from a record in April 2022, shortly after Russia’s invasion of Ukraine.
“We are looking at demand that is after a very volatile period, with some demand destruction, that is only today returning to sort of trend levels,” Seitz said, noting that fertilizer prices today are below the 10-year average.
Nutrien has responded…
