Agrium Cautions Against Overreaction to Russian Potash Moves

July 30 (Bloomberg) -- Agrium Inc., North America’s third-largest potash producer, cautioned against an overreaction to plans by OAO Uralkali to opt out of a marketing joint venture.

“Comments made by Russian producers have clearly created uncertainty in the potash market,” Richard Downey, an Agrium spokesman, said today in an e-mail. “This is not the first time that Russian producers have had disagreements.”

Agrium, based in Calgary, plans to continue with its “normal course of operations,” according to the statement.

“It is important not to overreact to a single statement from one player in the industry,” Downey said.

Agrium fell 4.5 percent to C$89.60 at 3:15 p.m. in Toronto after earlier dropping as much as 9 percent, the most intraday since Nov. 7.

To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net