The man who leads the world’s largest supplier of crop nutrients says there’s no quick relief in sight for tight global supplies of nitrogen and potash.
During a presentation at the Food, Fuel and Fertilizer Business Summit held in Saskatoon Feb. 14-15, Nutrien president and chief executive officer Ken Seitz said the ongoing military conflict in Ukraine will continue to limit global supplies of critical farm inputs.
Global demand for nitrogen and potash is expected to remain strong as farmers in major food exporting nations focus on maximizing yields to make up for declining agricultural output in Ukraine, he added.
In a nutshell, all signals point to a positive business outlook for Nutrien, which recently announced plans to boost potash production in Saskatchewan to 18 million tonnes annually by 2026, up from 13 million tonnes in 2021.
“Geopolitical events caused an unprecedented level of supply disruption and market volatility across agriculture, energy and fertilizer markets in 2022,” Seitz said, following the release of Nutrien’s fourth quarter and full-year 2022 financial results.
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