Agrium Curtails Production

Agrium Inc. has shut-in production at its Fort Saskatchewan nitrogen facility and has further curtailed production at other major nitrogen and phosphate plants in North America. The temporary curtailments are necessary due to a significant build in North American fertilizer inventories and declining available storage capacity.

According to a company press release, weakening global nutrients and crop prices and a significant deferral of wholesale nutrient purchases has resulted in further sales volume reductions and production curtailments that will affect earnings contributions from its wholesale business unit.

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The press release also notes that retail nutrient sales volumes have also been impacted by purchase deferrals by growers in the fourth quarter, but have been offset by higher per-tonne margins. The company’s seed and crop protection businesses have not been impacted by the current situation.

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(Source: Agrium)

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