How Putin’s War Made These 3 Fertilizer Producers Hot Stocks

Updated March 25, 2022 8:35 pm ET / Original March 25, 2022 8:33 pm ET

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Illustration by Elias Stein

Since Russia invaded Ukraine, shares of Saskatoon, Canada’s Nutrien, the Western Hemisphere’s top fertilizer maker, have climbed 37%. The Energy Select Sector SPDR exchange-traded fund, a proxy for Big Oil, is up only 13%.

Fertilizer is derived from potash, phosphate, and natural gas. Russia and Belarus produce more than a third of global potash, and dominate in natural gas. Belarus’ potash exports were strangled by prewar Western sanctions; Russia cut its own off on March 4. Potash fertilizer prices have soared by three-quarters…

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