Fertlizer prices being watched closely (CHATNEWSTODAY IMAGE)

By The Canadian Press

Fertilizer stocks soar over Ukraine worries

Mar 1, 2022 | 9:47 AM

SASKATOON — Shares in Canadian fertilizer giant Nutrien Ltd. have been soaring amid market worries that the war in Ukraine could exacerbate a global supply shortage.

The Saskatoon-based company is the largest fertilizer producer in the world.

Its shares were trading at $108.47 on the Toronto Stock Exchange Tuesday morning, up 14 per cent since last week, when Russia invaded Ukraine.

Nutrien shares have climbed 55 per cent year-over-year, as global demand for fertilizer already exceeded supply.

Now markets are jittery the supply shortage could get worse, because Russia and Ukraine are major fertilizer producing countries.

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For many Canadian farmers, fertilizer is their largest input cost. Federal Agriculture Minister Marie-Claude Bibeau says she is keeping a close eye on the situation as prices for producers could escalate.

This report by The Canadian Press was first published March 1, 2022.

Companies in this story: (TSX:NTR)