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Nutrien drops 7% on phosphate margin pressure

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Nutrien drops 7% on phosphate margin pressure

Nutrien (NTR) sold off 7% on a Q1 EPS miss, which came on the back of serious margin compression in the phosphate business due to a spike in input costs (sulfur/ammonia) - which management expects will add further pressure to the segment in Q2. Those same dynamics are tailwinds for the nitrogen segment, with any price upside sitting on top of a stable cost base. That’s similar to Nutrien’s potash production, which is being sold into a structurally tight market that should have more staying power than the Iran conflict - which would do more for NTR’s valuation than any near-term windfall.

Eli Rodney
Eli Rodney

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May 7, 2026

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1 min read

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