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Fertilizer names surge close to 52-week highs as costs for a number of retail fertilizers proceed to hit all-time highs and the Lithuanian authorities halts the usage of its railway for Belarus to export potash fertilizer to Europe and past.
Two of the highest three gainers on the S&P 500 are fertilizer producers Mosaic (MOS +8.5%) and CF Industries (CF +7.2%); Nutrien (NTR +4.4%) and Intrepid Potash (IPI +5.1%) additionally commerce sharply greater.
Based on Reuters, Belarus says it’s diverting potash shipments from Lithuania’s Klaipeda port on the Baltic Sea to Russian ports after Lithuania mentioned Belarus, which is underneath U.S. and European sanctions, might not use its ports to export the crop nutrient.
State-owned Belaruskali, the world’s second largest potash producer, sometimes exports 12.5M metric tons/12 months of potash from Klaipeda.
Shares of North American potash producers resembling Nutrien and Mosaic have been rising in the course of the previous two months, as analysts say they stand to learn from the sanctions.
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