Shipping through the Strait of Hormuz, a vital global transit chokepoint, has been disrupted after U.S.-Israeli strikes on Iran, rattling markets and constraining trade flows through the narrow route that connects Gulf exporters with global buyers.

“While there has been a limited impact on our ocean-going vessels, Bunge’s teams are closely monitoring the situation,” the spokesperson said.

On Wednesday, Canadian agrichemical company Nutrien said it was closely engaged with customers as conditions in the Middle East region continue to evolve.

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Declining crop prices, weakening demand and heightened geopolitical tensions have squeezed profitability across the agricultural supply chain, as the sector navigated a challenging end to 2025.

That uncertainty weighed on fertilizer purchases and on producers facing tight nitrogen supplies and shifting global trade flows.

Crop nutrients sales and margin decreased in the fourth quarter due to lower sales volumes from a weather-shortened fall application window in the U.S. and reduced demand for phosphate, the company said.

Quarterly sales at the crop nutrients segment stood at $1.51 billion (C$2.07 billion), compared to $1.53 billion last year

The Saskatoon, Canada-based firm posted an adjusted profit of 83 cents per share for the three months ended December 31, compared with analysts’ average estimate of 95 cents, according to data compiled by LSEG.

— Reporting by Sumit Saha in Bengaluru

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U.S.-listed shares of the Canadian company rose 1.8 per cent after the bell.

The review could include reconfiguring operations, strategic partnerships or a potential sale, the company said, as part of the fertilizer maker’s efforts to simplify its portfolio and boost free cash flow.

Related: Plant nutrition begins one km underground

Phosphate markets have remained tight in 2025, with global shipments being constrained by supply availability including from Chinese export restrictions. Meanwhile, weaker affordability for phosphate fertilizers has also hit demand.

However, a robust planting season and healthy crops in several parts of North America and lower prices have boosted demand for potash fertilizers.

Nutrien, the world’s top potash producer, said total sales were $6.01 billion (C$8.49 billion) for the third quarter, compared with $5.35 billion (C$7.56 billion), a year earlier.

Potash sales rose 27 per cent to $1.12 billion, while phosphate sales climbed 20 per cent to $495 million during the July-September period.

The Saskatoon-based firm posted an adjusted profit of 97 cents per share for the three months ended September 30, compared with analysts’ average estimate of 95 cents per share, according to data compiled by LSEG.

— Reporting by Vallari Srivastava in Bengaluru

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The stake will be acquired jointly by agribusiness companies Adecoagro and Asociacion de Cooperativas Argentinas (ACA)through an 80-20 per cent partnership, the companies said.

Nutrien said that oil and gas producer, which holds the remaining 50 per cednt stake in Profertil, will have 90 days to exercise its right of first refusal.

In March 2024, Reuters reported that Nutrien was mulling the sale of Argentina, Chile and Uruguay assets after steep losses in the region.

Its troubles in South America came as Russia’s invasion of Ukraine sent prices skyrocketing in 2022 only to collapse the next year as global supplies stabilized.

Earlier this year, Nutrien’s Brazilian unit said it would sell its fertilizer blending plants in the country.

The Canadian fertilizer maker reported about $60 million in proportionate earnings from its Profertil stake over the last four quarters.

“The agreement to sell our equity stake in Profertil advances our strategy to focus on assets and geographies that are core to our long-term vision,” Nutrien CEO Ken Seitz said in a statement.

Proceeds will be used for growth investments, share buybacks and debt reduction, the CEO added.

Profertil, based in Bahia Blanca, is the region’s largest granular urea producer, supplying about 60 per cent of Argentina’s demand and producing 1.3 million tonnes of urea and 790,000 tonnes of ammonia annually.

The transaction expected to close before the end of 2025.

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“We expect to be in a strong market next year,” Nutrien CEO Ken Seitz said on a call with analysts.

Nutrien topped Wall Street estimates for second-quarter profit on Wednesday, benefiting from improved demand in North America amid a robust corn planting season.

The strong results were a rare bright spot for agriculture-focused companies after large agribusinesses including Archer-Daniels-Midland and Bunge Global reported their weakest quarterly earnings in years amid trade uncertainty from U.S. President Donald Trump’s tariffs, while farm equipment makers warned of sales headwinds due to slumping farm incomes.

The company boosted its estimate of full-year potash sales following record sales in the first half of 2025, to a range of 13.9 million to 14.5 million metric tons, as farmers reacted to improving weather in parts of North America which had been grappling with drought conditions in previous years.

“We see growers investing to protect their yields,” said Jeff Tarsi, Nutrien’s head of global retail.

Crop prices for wheat, corn and soybeans are near multi-year lows in North America, a factor that can sometimes restrain farmers from buying fertilizer and other inputs, analysts say.

But excellent crops in many parts of the continent are encouraging farmers to use higher rates of fertilizer as this year’s expected high-yield crops remove more fertilizer from the soil. To produce maximum yields in 2026, U.S. farmers will need to replenish soil fertilizer levels more than in some recent dry years, Tarsi said.

On Monday, the U.S. Department of Agriculture reported American corn and soybean crops were in the best condition for years at this point of the growing season. Crop prices have fallen as markets anticipate big supplies from North America, Brazil and other significant areas.

Seitz said he sees the global potash market as “in balance” with “healthy” prices, citing strong demand and supplies unlikely to swell quickly due to challenges producers face in developing new projects.

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“Nutrien is reviewing options to increase West Coast port capacity as part of our long-term strategy to strengthen supply chain resilience and support rising global demand for potash,” the company said in a statement.

The Canada-based company is seeking a deep-water port with rail infrastructure capable of handling bulk potash exports for fast-growing Indo-Pacific markets, including China, India and Japan.

— Reporting by Pooja Menon in Bengaluru

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Strong global demand combined with supply constraints is driving up prices around the world, said Nutrien’s president and CEO, Ken Seitz, who downplayed trade-war impacts.

Weather-related delays in the United States and Australia slowed down fertilizer sales, and higher-than-expected natural gas prices pinched first-quarter earnings, but energy prices have declined and global sales have recovered.

“Things are going strong,” Seitz said.

The Saskatoon, Canada-based firm posted an adjusted profit of 11 cents per share for the quarter ended March 31, compared with analysts’ average estimates of 31 cents, according to data compiled by LSEG.

Nutrien shares fell 2.8 per cent to close at C$76.19 in Toronto on Thursday.

Fundamentals looking great: analyst

Despite the earnings miss, Morningstar analyst Seth Goldstein did not find the company’s explanation about weather hurting its fertilizer retail business far-fetched.

“Look at the first half, not the first quarter,” he said, referring to a likely upsurge in fertilizer use by U.S. farmers following a wet early spring. “In my mind the fundamentals are looking great for the fertilizer business.”

Nutrien expects the global potash business to be 71 million-75 million metric tons in 2025, with industry production capacity the limiting factor rather than demand.

Overall fertilizer demand is growing in all markets and spot prices are rising, Seitz said. The increase in U.S. corn acres this year is positive for fertilizer consumption due to that crop’s comparatively high nutrient needs. China and India are also expected to have strong demand.

The present trade battles around the world, involving the U.S., Canada, China and many other countries, have “not impacted the outlook for our business,” Seitz said. Nutrien’s Canadian-made products cross the U.S. border without a tariff and its global supply chain has been navigating other tariff regimes.

Chris Reynolds, Nutrien’s executive vice president and chief commercial officer, said tariffs could affect how fertilizers and chemicals are sourced, but “generally the story is much more about demand.”

Low corn profitability threatens phosphate

Nutrien executives said they see robust U.S. demand for fertilizers in the second half of 2025, but StoneX analyst Josh Linville sees low corn profitability as a threat, especially for phosphate.

“I think there are going to be some struggles,” Linville said.

“I think we’ve got a really, really big danger that we’re going to see demand slower and lower than what is typical.” Farmers might put off fertilizer purchases and application if they face poor returns this fall, Linville said.

Nutrien’s Brazilian operations continue to be reorganized, with good signs in various areas of business, but agricultural chemicals earnings are “still seeing competition from generics and it’s certainly stressing (chemicals) prices,” said Reynolds in the call.

Nutrien is focused on production improvements, small acquisitions, cost-cutting and noncore divestitures to improve financial performance, Seitz and other executives said.

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Why it matters: Trade tensions between the United States and China following U.S. President Donald Trump’s tariffs have led to volatility in crop prices, prompting farmers to cut costs, which in turn has hit demand for fertilizers.

Its quarterly net selling price for potash in North America fell 21.6 per cent from a year earlier to $243 per tonne (C$338), while adjusted core profit for the segment was down about 16 per cent at $446 million (C$619.9 million).

Higher energy costs in its nitrogen segment further pressured earnings in the quarter, which raised its cost of goods sold by about 10 per cent at $663 million (C$921.4 million).

Adjusted core profit fell about 12 per cent to $408 million (C$567.0 million).

Average natural gas prices NGc1 have risen over the past few quarters and hit a two-year high on March 10, supported by strong demand from LNG export facilities and supply concerns in the run up to the summer season.

Nutrien’s quarterly earnings were also impacted by delayed field activity due to wet weather conditions in North America and strategic actions in South America.

The company’s quarterly sales for crop nutrients was down 8.7 per cent at $1.19 billion (C$1.65 billion), while sales for crop protection products was down 12.7 per cent at $972 million (C$1.35 billion).

Earlier this year, Nutrien’s Brazilian unit said it would sell its fertilizer blending plants in the country amid a shift in focus to reselling farm inputs through local retailers after its acquisitions and investments failed to yield the expected returns.

The Saskatoon, Canada-based firm posted an adjusted profit of 11 cents per share for the quarter ended March 31, compared with the analysts’ average estimate of 31 cents per share, according to data compiled by LSEG.

— Reporting by Tanay Dhumal in Bengaluru

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“We do not expect the announced agreements will have a material impact on global supplies of fertilizers or grains in 2025,” said Nutrien spokesperson Shawn Churchill in a statement to Reuters.

“Russian fertilizer exports have largely adapted to the restrictions that were in place and are already operating near full capacity.”

Nutrien, the world’s top potash producer, believes there is little potential for increased exports from Russia and Ukraine in the short term.

The three-country Black Sea deal has an unclear future. Russia has listed conditions required for it to comply with it, including lifting some restrictions on Russian banks, and much commercial traffic has already been occurring despite the military conflict.

Russian and Belarusian potash and other fertilizers have been struggling to get out into world markets since European Union nations imposed restrictions on exports from those countries; Ukrainian ports are on the other side of the war line; and Russian Black Sea exports have been sailing through a war zone. However, alternate routes have been developed, allowing fertilizer to reach many buyers.

— Additional reporting by Tristan Veyet in Gdansk

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Trump plans to place a 25 per cent tariff on Canadian imports, which will take effect in March after granting a 30-day extension.

“Frankly, costs of this (tariff) will be borne by the U.S. farmers…the U.S. farmers will likely feel the impact after the spring planting season,” CEO Ken Seitz said during a post-earnings conference call.

Nutrien has assembled a team from various departments to manage tariff-related operations, including duty collection.

Seitz said U.S. farmers will be able to get fertilizer for the upcoming spring planting season. Weather problems in late 2024 prevented some fertilizer applications U.S. farmers planned to do, officials said, leaving more needed in 2025. U.S. farmers are expected to plant more than 90 million acres of fertilizer-hungry corn this spring, leaving the company optimistic about its 2025 U.S. demand outlook.

The potential end of the war between Russia and Ukraine isn’t seen as a threat to 2025 Nutrien sales, Seitz said, since Russian potash has already been reaching the market and Belarusian supplies, presently under sanction by the European Union and others, will have trouble reaching markets through Europe.

Belarus has been cut off from Lithuania’s main port. It will have trouble getting access regardless of sanctions, and will probably have to move through Russia to reach world markets. Belarusian idle production won’t come back fast.

“We think that happens slowly over time,” said Seitz.

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