Potash stocks in key markets remain below historic levels and China gains access to strategic stocks. Canpotex, an export company owned by Nutrient and Mosaic, said it sold all of the potash by the end of 2021.

Nutrien Ltd. reported an increase in its full-year earnings forecast as strong global demand and limited supply helped boost third-quarter revenue.

Potash prices rose to their highest levels in more than a decade, fueled by high prices for corn, palm oil and rapeseed as farmers seeking to increase yields use more fertilizers.

The prices were also supported by supply problems caused by US and European sanctions against Belarus, as well as problems with production at Mosaic, a subsidiary of Nutrien Ltd., this year at its largest potash mine.

"Global potash prices continue to rise in all key spot markets, driven by record global demand and high producer margins," the company said in a statement.

US-listed Nutrien shares rose 1.3% to $ 72.45 in extended trading.

Nutrien raised its adjusted net income forecast to $ 5.85-6.10 per share from $ 4.60 to $ 5.10 per share earlier. Analysts on average expected $ 5.23 a share for the entire year, according to Refinitiv IBES data.

On an adjusted basis, its earnings of $ 1.38 per share were slightly above the $ 1.24 estimate.

Low inventories and the closure of Esterhazy K1 and K2 mines in Saskatchewan in June resulted in lower sales volumes. The company said that the second production hoist at its Esterhazy K3 mine was commissioned one month ahead of schedule, while the Colonsay mine achieved a planned annual capacity of about 1 million tonnes.

UkrAgroConsult