Nutrien to boost potassium production amid supply concerns in Eastern Europe According to Reuters

(Reuters) – of Canada Nutrien (NYSE 🙂 Ltd, the world’s largest fertilizer producer, on Wednesday said it plans to increase potassium production by nearly 1 million tons this year to about 15 million tons to cope with uncertainty about the future.” supplies from Eastern Europe.

Potassium is an important input needed to produce nitrogenous fertilizers, and Russia and Belarus are the world’s second and third largest producers of the commodity after Canada.

Potassium prices have skyrocketed since economic sanctions were imposed on Russia following the invasion of Ukraine. Belarus, Russia’s ally, has also been subject to European and US sanctions that have restricted its potassium exports.

Nutrien says additional potassium is expected to be produced in the second half of the year.

While, Canadian Pacific (NYSE:) Railroad, which ships potash fertilizers into the United States, sent notices of shutdown to its employees after negotiations with a union over wages and other issues failed, a move that could disrupt the supply of goods.

Natashia Stinka, a spokeswoman for Canpotex Ltd, a company owned by Nutrien and Mosaic Co (NYSE :), said earlier that a closure at the rail company could have a “serious impact” on with the transportation of potash to ports for delivery to overseas buyers. .