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.
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.
