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Agrium CEO seeing planting delays in western Canada

Published 05/02/2017, 12:44 PM
© Reuters.  Agrium CEO seeing planting delays in western Canada
  • Agrium (AGU -1.1%) gives up early gains and turns lower after CEO Chuck Magro warns of an increased risk of losing sales volume in western Canada, as the spring season for fertilizer application is well behind last year’s pace (source: Bloomberg First Word).
  • “We really do need to get rolling in western Canada here in the next 2-3 weeks," Magro said in today's earnings conference call, but added that the outlook for crop-input demand remains solid despite weakening prices.
  • AGU had opened higher after reporting a smaller than expected Q1 loss, helped by higher selling prices for potash; the company sold 636K metric tons of wholesale potash in Q1 at an average of $208/ton, compared with 456K metric tons at $199/ton a year earlier.
  • AGU says its merger with Potash Corp. (POT -0.8%) remains on-track for a mid-year closing.
  • Now read: Agrium Inc . 2017 Q1 - Results - Earnings Call Slides


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