Nutrien asks Canada’s government to stop rail strike – Bloomberg (NYSE:NTR)

Nutrien asks Canada’s government to stop rail strike – Bloomberg (NYSE:NTR)

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Nutrien (NTR +1.9%) says it wants the Canadian government to prevent a strike by 3,000 Canadian Pacific Railway (NYSE:CP) workers, because the disruption could lead to smaller harvests, Bloomberg reports.

The rail workers have voted to strike beginning March 16 if a collective bargaining agreement is not reached, according to their union, and Nutrien says a strike would hurt its ability to move potash, nitrogen and other crop chemicals to retail locations across Canada just ahead of spring planting.

While domestic fertilizer producers stand to benefit if a strike ensues, food prices are soaring and the fertilizer supply chain is reeling from multiple factors including COVID-19, sanctions on Belarus and Russia’s invasion of Ukraine, Nutrien says.

The three top producers of crop nutrients – Nutrien, Mosaic (MOS +3.5%) and CF Industries (CF +2.8%) – all closed Thursday’s trading at 52-week highs; CF Industries CEO Tony Will warns global fertilizer inventories will be “as low as we’ve ever seen” heading into the Northern Hemisphere summer season.

Originally Posted on: https://seekingalpha.com/news/3809379-nutrien-asks-canadas-government-to-stop-rail-strike-bloomberg?source=feed_tag_commodities
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