Agriculture Outlook H1 Q3 2023

Agriculture Investing in 2023 Market Forecast for Phosphate, Potash and More
Table of Contents
Agriculture Market Forecast: Top Trends That Will Affect Potash and Phosphate in 2023 2
Agriculture Market Update: H1 2023 in Review for Potash and Phosphate 9
Top 10 Potash Countries by Production 12
Top 10 Phosphate Countries by Production 17
© 2023 Agriculture Investing News 1

Agriculture Market Forecast: Top Trends

That Will Affect Potash and Phosphate in
2023
Fertilizer prices soared to new highs in 2022, putting pressure on
farmers and food supply. Find out what's in store for the market in
2023.
Fertilizer prices surged to new heights

in 2022, continuing a trend that began
in 2021. The toll of war, rising gas costs,
Chinese export issues and high crop
prices pushed both phosphate and
potash to record levels in April.
“Agricultural prices reached record highs in

Q2 2022 as grain prices shot up in the aftermath of the war in Ukraine — both
Russia and Ukraine are key global grain producers,” FocusEconomics' latest
commodities outlook reads.
However, during the second half of 2022, demand destruction resulted in a 10 to 40

percent decline in consumption for both phosphate and potash, which pushed
values lower.
A July agreement that ended Russia's blockade on Ukraine's agricultural exports

also weakened prices, while an increase in production out of Canada eased some of
the supply tension stemming from the war and Chinese shipment curtailments.
Experts polled by FocusEconomics anticipate that agriculture prices will "(trend

downwards) in the quarters ahead amid softer demand, but remain above
pre-pandemic levels.” Price support will come from factors such as lower Ukrainian
grain output and high fertilizer prices, which "could dampen crop yields in 2023."

Demand is forecast to contract, but soil quality hasn't improved, which is likely to
hinder crop yields. Smaller crop yields are likely to add to the mounting cost of
food, driven higher in recent months by inflation.
How did phosphate perform in 2022?

After rallying to an all-time high of more than US$1,000 per metric ton (MT) in April,
phosphate prices came down significantly in the latter half of 2022, ultimately
ending the year lower than they started.
The crop additive began the year at US$713, with values continuously moving
higher through April, when concerns around Russian and Ukrainian grain and
fertilizer exports reached a fever pitch.
The phosphate market was further impacted when China suspended exports
through June to ensure enough domestic supply.
“Chinese fertilizer exports fell sharply in 2022 on government-imposed barriers.

These barriers are set to remain in 2023, but as global and domestic prices move
lower, we anticipate some relaxation,” an outlook report from CRU Group notes.

Diammonium phosphate's price performance in 2022.
Chart via TradingEconomics.
According to CRU, phosphate exports out of China topped 10.7 million MT in 2021,
but contracted to 5.4 million MT in 2022. The consultancy expects some rebound in
2023, when shipments should tally 6.7 million MT. Annually, China is the top
producer of phosphate, with output of 85 million MT in 2021. Russia ranks fourth,
producing 14 million MT the same year.
By the end of June, phosphate prices had slipped back to the US$789 level.
The hidden costs of high fertilizer prices

Even though phosphate prices ended 2022 below their starting value, the true cost
of the record-setting rise is yet to be felt.

The International Fertilizer Association estimates that 85 percent of the world’s soils
are deficient in nitrogen, while 73 percent are deficient in phosphorus (phosphates)
and 55 percent are deficient in potassium (potash).
These deficiencies make fertilizers essential to crop growth. But to counter

broad-based increases in overhead costs, many farmers are opting to limit the
amount of fertilizer they purchase and use. This is expected to impact soil health
and crop yields.
“The fertilizer supply/price crisis is in many respects more concerning than direct
food inflation because it could inhibit food production in the rest of the world that
could eventually help take up the slack from stalled Russian and Ukrainian grain
deliveries,” Maximo Torero, chief economist for the UN Food and Agriculture
Organization, told Reuters.
He explained that this will have a knock-on effect that will ultimately drive up the
cost of food. “High fertilizer prices could have farmers worldwide reducing planned
harvests and the amount of land they are planting — with the risk of depressed
yields in the 2022/23 crop season — adding to the shortage of imported grains and
putting food security at even greater risk,” Torero said.
As the global food system slips into precarious territory, demand for wheat is
expected to hit a fresh high in 2023.
“Recent increases in global wheat demand for food use have been fuelled mainly by
growing populations and shifts in diets and incomes,” Economist Intelligence Unit
members said. “Ongoing population growth across parts of Africa and Asia will
underpin further expansion in 2022/23, where we forecast that food use will reach
a record 546m tonnes.”

How did potash perform in 2022?

Potash faced similar hurdles to phosphate in 2022. The most prevalent was the
market's exposure to Russian disruption.
“In terms of production capacity, potash is certainly the most exposed to disruption
from both Russia and Belarus when compared to other major fertilizers,”
Humphrey Knight, potash principal analyst at CRU, told INN.
Taking the second and third respective spots on the top potash producers list,
Russia and Belarus produced a combined 17 million MT of potash in 2022. Canada
was in first place with 14 million MT.
“Prior to 2022, the two countries accounted for around 40 percent of global supply.
Although exports from both countries have faced disruption in 2022, particularly
from Belarus, product has continued to flow to many downstream markets,” Knight
said.
Muriate of potash (MOP) started 2022 at US$221 per MT, but the conflict in Ukraine
and sanctions against Belarus drove prices to US$562 in March, the highest level
since February 2009. MOP prices remained at that level for the rest of the year.
MOP is the most commonly used form of potash and is more affordable compared
to sulfate of potash.

Price performance of diammonium phosphate, urea and MOP from 2016 to 2022.
Chart via Bloomberg and the World Bank.
Higher potash prices causing demand destruction

While phosphate moved lower during H2, potash remained elevated off of
continued supply concerns. Fears that supply will be further depleted by Russia’s
invasion of Ukraine heightened the impact of 2021 sanctions targeting Belarusian
potash exports.
“The (Russian) trade sanctions have specified 'carve-outs' for the food and fertilizer
sectors to avoid adverse effects on global food security,” a World Bank blog post
reads. “These carve-outs have enabled Russia to continue exporting fertilizers.

However, potash exports from Belarus have fallen by more than 50 percent due to
the restriction on using EU territory for transit purposes.”
Picking up some of that slack is Canada, where the nation’s potash producers have
started to ramp up output.
“Canada’s largest producers, Nutrien (TSX:NTR,NYSE:NTR) and Mosaic (NYSE:MOS),

maintain plans to reactivate capacity the companies had previously idled, at least
partly in response to the supply disruption in Russia and Belarus,” said Knight.
However, as Knight went on to explain, 10 months of persistently high prices have

led to potash demand destruction.
“Mosaic recorded only a modest year-on-year increase in potash sales in the first
nine months of 2022, and Nutrien saw potash sales decline over the period,” he
said. “Despite the supply disruption, demand has been weak, and the Canadian
producers have consequently not been able to take advantage of the supply gap.”
What factors will move the agriculture market in 2023?

Looking ahead, Knight expects 2022’s price surge to have lasting implications for
farmers.
"Some spot prices hit record highs in 2022, and this has made potash affordability
very unfavorable for consumers," he said. “Consequently, many have reduced
potash consumption significantly and global demand has weakened.”
As farmers reduced their use of fertilizer, many began experimenting with nutrient
efficiency and enhancing products. According to CRU, this is something that could
happen more in the future.
“As capital markets tighten and fertilizer producers hold flush cash balances, 2023
could be the year to 'roll the dice' and acquire companies with patented new plant
nutrition technologies,” the firm's outlook report reads.
Following 2022’s demand destruction, Knight believes the sector could recapture
lost buying if prices retract.

“The potash market certainly remains exposed to further disruption to production

into 2023, and could see supply tighten quickly if demand recovers rapidly from its
current lull,” he said.
The principal analyst at CRU concluded, “However, a more gradual recovery in

demand appears more likely (in 2023), meaning supply should remain adequate.”
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest

in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the
accuracy or thoroughness of the information reported in the interviews it
conducts. The opinions expressed in these interviews do not reflect the
opinions of the Investing News Network and do not constitute investment
advice. All readers are encouraged to perform their own due diligence.
Agriculture Market Update: H1 2023 in

Review for Potash and Phosphate
The days of high fertilizer prices are long gone as uncertainty rules
the market. Find out what key trends affected the industry in the first
half of 2023.
After last year's high levels, fertilizer

prices dropped during the first half of
2023.
This volatility has created a challenging

market, especially as the war between
Russia and Ukraine continues. Here the
Investing News Network (INN) presents a
recap of the first half of the year in the fertilizer space.

Major fertilizers face price compression in 2023

One expert told INN that in 2023 the name of the game in the fertilizer space has
been uncertainty.
Referring to potash, phosphate and nitrogen, Josh Linville, director of fertilizer at

StoneX, said prices for the three major fertilizers "came off significantly” in the first
part of the year. This happened in part due to what he described as a self-fulfilling
prophecy — buyers saw prices declining and waited for them to fall further before
making purchases.
“But we can't wait too long, because eventually just-in-time demand meets supply.
That's a big issue that we've had,” he said.
Linville added that fertilizer prices have shifted quickly as the world has gone from
the throes of the COVID-19 pandemic to a recovery period and now to a
post-recovery time. “A kind of a classroom theory that I always work with is that
uncertainty generally pushes prices higher,” he said. “And that's what we dealt
with.”
Russia’s invasion of Ukraine leads to volatility

The fertilizer industry has been impacted by the war between Russia and Ukraine,
but Linville said western sanctions on Russia haven't had as severe an impact as
market watchers initially expected.
"(The market) thought we were losing Russian exports in general," he said. "They
were really one of the biggest exporters of all three major fertilizers.” But in reality,
Russia’s role in the market has not been curbed.
“European production has come back online. Largely they're still sort of offline, but
most of it is back,” he told INN. “A lot of these fears that drove prices up were found
to be unfounded, and now we're starting to correct lower.”
As the conflict continues to evolve, Linville told INN that market participants want to
see business go back to normal.

He also spoke about how arrangements made during times of high prices are now
weighing on the fertilizer sector.
“A lot of these plans looked very, very good when these prices were at all-time highs
(or) very close to it,” Linville explained during the conversation. “Now all of a
sudden, some of these are half of what they were, some of these are a third or
lower than what they were, and that return is just not there. Everybody's being
reminded that these crazy high values that we saw that became normal for a year
or two are the exception, not the norm."
Investor takeaway
Uncertainty has certainly dominated the landscape for the fertilizer space, but
Linville told INN there is one key certainty in the space: demand will continue to
grow as the world's population increases.
According to one report, the potash market is expected to reach a global value of
US$23.03 billion this year, representing a 4.5 percent compound annual growth
rate (CAGR) compared to 2022. When it comes to the phosphate sector, the
industry is expected to reach a total valuation of US$16.8 billion in 2023 and grow
at a CAGR of 2.4 percent over the next 10 years.
“Every single day there are more mouths to feed around the world, and we have to
feed those mouths — we have to create food for everybody — and that means
more fertilizer," said Linville.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest

in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the
accuracy or thoroughness of the information reported in the interviews it
conducts. The opinions expressed in these interviews do not reflect the
opinions of the Investing News Network and do not constitute investment
advice. All readers are encouraged to perform their own due diligence.

Top 10 Potash Countries by Production

Canada leads the top potash countries by production, but what are
the other major producers? This list outlines the top 10.
Robust demand for potash pushed

prices to a 13 year record high in 2021.
That trend continued in the first half of
2022 as potash prices rose on supply
chain concerns sparked by Russia’s
invasion of Ukraine.
In mid-May 2022, the World Bank said

global fertilizer prices were up 30 percent for the year so far, adding that those
price-positive conditions were expected to continue through the year and beyond.
In fact, bullish sentiment in the potash industry has major market participants such
as BHP (NYSE:BHP,ASX:BHP,LSE:BLT) investing billions in new potash fertilizer
production.
All of this was welcome news for potash investors — many potash-mining
operations have closed in recent years, and some are waiting on the sidelines for
better days and improvements in the potash price.
However, rising prices for the fertilizer ultimately led to demand destruction in the
second half of 2022. "World potash supply was affected by economic sanctions on
Belarus and Russia and resulted in higher prices and lower consumption," explains
a recent report written by the US Geological Survey. "World potash consumption in
2022 for fertilizers was estimated to have decreased to between 35 to 39 million
tons from 40.6 million tons in 2021."
Looking at supply, the organization states that world potash capacity is projected to
rise to 66 million metric tons (MT) in 2025 from 64 million MT in 2021. Most of the
increase will come from new muriate of potash (MOP) mines and project
expansions in Belarus, Canada and Russia — the big three MOP producers. Looking

past 2025, new MOP mines are expected to come online in Brazil, Canada, Ethiopia,
Morocco, Spain and the US. As for sulfate of potash, new mines are planned in
Australia and Eritrea.
The US Geological Survey estimates that global annual potash production reached
40 million MT in 2022. So what were the top potash countries by production last
year? Read through the list below to find out.
1. Canada
Mine production: 16 million MT
Leading the list of the top potash countries by production is Canada. The nation is
the world’s largest potash producer, with potash production growing by 180,000 MT
in 2022 over 2021 production levels.
Nutrien (TSX:NTR,NYSE:NTR), the world’s largest potash company, is based in the

Canadian prairie province of Saskatchewan. It was born from a 2018 merger
between two crop nutrient companies, Potash Corporation of Saskatchewan and
Agrium. The deal created “a global agricultural giant” now valued at more than
US$41 billion.
2. China
China's potash production remained flat in 2022, with no growth over 2021 output.
However, the country still jumped to the second spot on the list of top
potash-producing countries as output fell in Russia and Belarus.
Potash is extremely vital for China — the country is the largest consumer of the
fertilizer, accounting for approximately 20 percent of world potash consumption.
China’s domestic demand for the material is higher than its homegrown potash
supply, making the country reliant on potash imports, especially when it comes to
MOP.
3. Russia

In 2022, Russia posted 5 million MT in potash production, plummeting 45 percent

from 9.1 million MT the year prior. Uralkali is Russia’s premier potash company, as
well as one of the world’s leading potash producers, accounting for roughly 20
percent of global supply pre-war. The company has five mines and seven ore
treatment and processing mills.
In response to Russia’s invasion of Ukraine, the European Union placed import

quotas on potash from Russia, while the US sanctions limited the amount of potash
that could be imported. “Russia responded by suspending fertilizer exports to
countries that it deemed unfriendly. Russia continued exports to China, India, and
some countries in Africa and South America, but its exports were about 30% lower
in 2022 compared with those in 2021,” notes the US Geological Survey.
4. Belarus
Potash production in Belarus fell by nearly 61 percent from 2021 levels to total 3
million MT in 2022. Prior to Russia's invasion of Ukraine, output from the Eastern
European country had been on an upward trajectory since 2016. Belaruskali is the
country’s largest industry operator, with six mines and four processing factories.
Belarus' support of Russia's war with Ukraine has placed its potash industry in the
same predicament as its comrade.
"In January 2022, the Government of Lithuania, citing national security concerns,
cancelled the rail transport contract that allowed the state-run producer in Belarus
to ship potash from the port of Klaipeda on the Baltic Sea, its only marine export
facility," the US Geological Survey states. "This followed the enactment of economic
sanctions on Belarus in 2021 by the European Union and the United States, which
banned the import of potash."
5. Germany
Mine production: 2.8 million MT

Although Germany produced 3 million MT of potash in 2019, production has fallen

since then and came in at around 2.8 million MT of the material in both 2021 and
2022. K+S (ETR:SDF) is one of Germany’s leading potash miners and has a number
of projects, operating six mines in three districts of the country.
6. Israel
Annual potash production in Israel has remained in the 2 million to 2.5 million MT
range since 2017. The country is sixth in terms of potash production, and it also
hosts the world’s sixth largest potash-producing company, Israel Chemicals
(NYSE:ICL,TLV:ICL).
The company also produces roughly a third of the world’s bromine, which is often
extracted from the same salt water and brine deposits that produce potash.
7. Jordan
Potash production in Jordan decreased marginally from 2021 to 2022. Arab Potash
Company, located in Jordan, is the seventh largest producer of potash by volume,
and is the sole producer of potash in the Arab region. It has helped make Jordan a
key potash supplier for India and Asia. Both Israel and Jordan recover potash from
the Dead Sea.
8. Chile
Mine production: 850,000 MT
Chile recorded production of 1.2 million MT of potash in 2018, the same as the
prior two years; however, production dropped below 1 million MT in 2019 and has
slipped further since then. Most recently, Chilean potash production remained
relatively flat in 2022, coming in at just 8,000 MT less than it did the previous year.

One of the largest producers of potash in the country is SQM (NYSE:SQM), which is
also a leading producer of lithium. South America in general is a large consumer of
potash.
9. Laos
The Southeast Asian nation of Laos was the ninth largest potash-producing country
in 2022, bumping the US from the position. The country put out 600,000 MT of
potash last year, a relatively big leap from the previous year's output of 260,000 MT
of potash. Laos has potash reserves of 75 million MT.
Asia-Potash International Investment (SZSE:000893), one of the largest potassium

fertilizer producers in Asia, is at the helm of the country's potash industry. In
December 2022, the company announced it would be implementing Huawei's
Smart Mining Solution at its Laos operations.
10. Spain
In 2022, Spain’s potash output grew by 85,000 MT from its 2021 level to hold onto
its spot as the 10th largest potash-producing country. This figure is down from
2016, when the country produced 670,000 MT of potash. Spain has potash reserves
of 68 million MT. The company Geoalcali has a few potash projects in the country,
including the Izaga, Muga and Sierra Del Perdon projects.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in

any company mentioned in this article.

Top 10 Phosphate Countries by

Production
Phosphate demand is rising as the expanding global population
boosts the agricultural industry. Find out which top
phosphate-producing countries are feeding this demand.
Phosphate is mainly used in the form of

fertilizer for crops and animal feed
supplements. Only 5 percent of world
phosphate production is used in other
applications, such as corrosion
prevention and detergents.
Demand for phosphate fertilizers had

created a US$63.81 billion market by 2021, and that figure is expected to grow at a
compound annual growth rate of 5.7 percent through 2040 to reach US$176 billion.
"The global demand for phosphate is surging owing to the increasing world
population resulting in rising food demand," according to Grand View Research.
In its latest phosphate report, the US Geological Survey states that global
production of phosphate slipped in 2022 alongside rising demand for plant crops.
This led to phosphate prices reaching record highs in the first half of the year. While
prices have backed off from those highs on dampened demand, analysts expect to
see growth again later in the year.
As the US Geological Survey reports, "In 2022, the global phosphate fertilizer
market experienced supply disruptions, high fertilizer prices in the first half of the
year, and lower consumption in some regions. The most significant supply
disruption was from China placing restrictions on exports of DAP and MAP. This
reduced Chinese exports by about 5 million tons."

Those interested in the phosphate-mining sector will want to keep an eye on

phosphate production and mining companies in the space. Below are 2022’s top
phosphate countries by production.
1. China
China’s phosphate production decreased in 2022 to 85 million metric tons (MT),

down from 90 million MT in 2021, but it is still first on the list of top
phosphate-producing countries by a long shot. The drop in Chinese output is likely
a result of the nation’s environmental crackdown on the mining industry, in
addition to the impact of the COVID-19 pandemic.
The country also has the third largest phosphate reserves in the world, with 1.9
billion MT of the commodity. China’s government has placed restrictions on
phosphate exports in an effort to drive down domestic prices of the fertilizer with
its own supply. China is also the second largest producer of potash.
2. Morocco
As the second largest phosphate-producing country, Morocco produced 40 million

MT of the fertilizer in 2022. The North African nation’s phosphate output increased
slightly last year due to ongoing capacity expansions.
Despite producing significantly less phosphate than China in 2022, Morocco has the
largest phosphate reserves. With 50 billion MT, the country accounts for over 70
percent of total global phosphate reserves.
3. United States
In 2022, US phosphate mining fell by 1 million MT from the previous year. The top
phosphate-producing states, Florida and North Carolina, accounted for over 75

percent of domestic output. The other 25 percent of US production came from

Idaho and Utah.
Most phosphate rock mined in the US is used for manufacturing phosphoric acid
and superphosphoric acid. These types of wet-process phosphate products are
used for items such as animal feed supplements. About half of this type of
phosphate is exported in the form of merchant-grade phosphoric acid, granular
diammonium and monoammonium phosphate fertilizer.
4. Russia
Russia’s phosphate output also dropped by 1 million MT in 2022 from the previous
year, coming in at 13 million MT. As per the US Geological Survey, the country has
phosphate reserves of 600 million MT. Russia is also the third largest producer of
potash.
European nations were previously Russia's biggest phosphate customers in the

global market, but the country's war in Ukraine is impacting which countries buy
from Russia. The war has also directly influenced phosphate prices.
Interestingly, CRU Group expects phosphate supply out of Russia to grow in 2023 —
while Europe may be turning away from Russian sources of the crop additive,
shipments to Brazil, India and elsewhere will support Russian exports.
5. Jordan
Jordan’s phosphate-mining output remained steady from the previous year, coming
in at 10 million MT in 2022. Its phosphate reserves stand at an estimated 1 billion
MT. The country’s sole state-owned phosphate producer is Jordan Phosphate Mines
Company, which has offtake deals with several Indian firms. Another
Jordan-focused producer is Arab Potash Company, a privately owned company in
which China’s State Development & Investment Corporation holds a stake.

6. Saudi Arabia
Saudi Arabia produced 9 million MT of phosphate last year, down by 200,000 MT

from 2021’s output level. The country is sitting on 1.4 billion MT of phosphate
reserves.
The Saudi Arabian Mining Company, also known as Ma’aden, operates the largest
phosphate-mining facility in the world. The Wa’ad Al Shamal Minerals Industrial City,
an integrated phosphate fertilizer production complex, is a US$8 billion joint
venture investment between Ma’aden (60 percent), chemical manufacturer SABIC
(TADAWUL:2010) (15 percent) and the Mosaic Company (NYSE:MOS) (25 percent),
the largest potash and phosphate producer in the US.
The company has been working with Fluor (NYSE:FLR) on the Wa’ad Al Shamal
facility, with Fluor providing project management consulting to further develop the
operation.
7. Brazil
Brazil, another of the top phosphate countries by production, produced 5.5 million
MT of phosphate in 2022 compared to 6 million MT in 2021. Brazil has a booming
agricultural sector and is one of the world's largest fertilizer consumers and
importers.
Mosaic is the country’s largest producer of phosphate and nitrogen. It also operates
Brazil's only potash mine. Aguia Resources (ASX:AGR) subsidiary Aguia Fertilizantes
is pushing forward with the construction of a new phosphate-mining operation
that, according to Reuters, is expected to contribute to Brazil’s goal to "slash overall
fertilizer imports to 45% of total domestic consumption from the current 85% by
2050."

8. Egypt
Egypt’s phosphate-mining production in 2022 remained unchanged from 2021

output levels. According to the US Geological Survey, Egypt’s phosphate reserves
now sit at 2.8 billion MT. More of those reserves may get dug up in the future as the
country builds a new phosphate industrial zone in Aswan. It will also expand the
port in Safaga.
9. Vietnam
Vietnam produced 4.5 million MT of phosphate in 2021, and the Southeast Asian
nation has 30 million MT of phosphate reserves. The environmental impact of
mining has been an ongoing issue in the Vietnamese mining industry, with
concerns over coal and bauxite dominating the discussion.
10. Peru
Peru is last on the list of top phosphate-producing countries in 2022, with output
4.2 million MT, on par with the previous year. About 95 percent of US phosphate
imports originate from Peru.
FAQS for phosphate
What are phosphates?

Phosphates are compounds that usually include phosphorous and oxygen, and can
have one or more common elements, such as sodium, calcium, potassium and
aluminum.

Where are phosphate compounds found?

Phosphate is mostly found in phosphate rock, a non-detrital sedimentary rock that
contains high amounts of phosphate minerals. Phosphate rock can come in
different forms such as quartz, calcite, dolomite, apatite, iron oxide minerals and
clay minerals.
Is phosphate the same as phosphorus in fertilizer?

Phosphate is the natural source of phosphorous, which provides essential nutrients
for plant growth and development.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in

any company mentioned in this article.


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Agriculture Investing in 2023 Market Forecast for Phosphate, Potash and More

© 2023 Agriculture Investing News 1

Agriculture Market Forecast: Top Trends

Fertilizer prices surged to new heights

“Agricultural prices reached record highs in

However, during the second half of 2022, demand destruction resulted in a 10 to 40

A July agreement that ended Russia's blockade on Ukraine's agricultural exports

Experts polled by FocusEconomics anticipate that agriculture prices will "(trend

© 2023 Agriculture Investing News 2

How did phosphate perform in 2022?

“Chinese fertilizer exports fell sharply in 2022 on government-imposed barriers.

© 2023 Agriculture Investing News 3

Diammonium phosphate's price performance in 2022.

Chart via TradingEconomics.

The hidden costs of high fertilizer prices

© 2023 Agriculture Investing News 4

These deficiencies make fertilizers essential to crop growth. But to counter

© 2023 Agriculture Investing News 5

How did potash perform in 2022?

© 2023 Agriculture Investing News 6

Chart via Bloomberg and the World Bank.

Higher potash prices causing demand destruction

© 2023 Agriculture Investing News 7

“Canada’s largest producers, Nutrien (TSX:NTR,NYSE:NTR) and Mosaic (NYSE:MOS),

However, as Knight went on to explain, 10 months of persistently high prices have

What factors will move the agriculture market in 2023?

© 2023 Agriculture Investing News 8

“The potash market certainly remains exposed to further disruption to production

The principal analyst at CRU concluded, “However, a more gradual recovery in

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest

Agriculture Market Update: H1 2023 in

After last year's high levels, fertilizer

This volatility has created a challenging

© 2023 Agriculture Investing News 9

Major fertilizers face price compression in 2023

Referring to potash, phosphate and nitrogen, Josh Linville, director of fertilizer at

Russia’s invasion of Ukraine leads to volatility

© 2023 Agriculture Investing News 10

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest

© 2023 Agriculture Investing News 11

Top 10 Potash Countries by Production

Robust demand for potash pushed

In mid-May 2022, the World Bank said

© 2023 Agriculture Investing News 12

Nutrien (TSX:NTR,NYSE:NTR), the world’s largest potash company, is based in the

© 2023 Agriculture Investing News 13

Mine production: 5 million MT

In 2022, Russia posted 5 million MT in potash production, plummeting 45 percent

In response to Russia’s invasion of Ukraine, the European Union placed import

© 2023 Agriculture Investing News 14

Although Germany produced 3 million MT of potash in 2019, production has fallen

© 2023 Agriculture Investing News 15

Asia-Potash International Investment (SZSE:000893), one of the largest potassium

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in

© 2023 Agriculture Investing News 16

Top 10 Phosphate Countries by

Phosphate is mainly used in the form of

Demand for phosphate fertilizers had

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Those interested in the phosphate-mining sector will want to keep an eye on

China’s phosphate production decreased in 2022 to 85 million metric tons (MT),