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Fertilizer Maker CF Still Bullish as Price Rally Takes a Breather

  • Shares of Nutrien see record fall; CF rebounds from early drop
  • Companies say underlying fertilizer demand to remain strong
Walkers look towards the CF Industries Holdings Inc. fertilizer manufacturing complex in Ince, UK. 

Walkers look towards the CF Industries Holdings Inc. fertilizer manufacturing complex in Ince, UK. 

Photographer: Anthony Devlin/Bloomberg
Updated on

Nutrien Ltd. fell the most ever Thursday while CF Industries Holdings Inc. recovered from an early slide, after both posted disappointing quarterly earnings driven by farmers’ reluctance to purchase high-priced fertilizer. The difference: The outlook for nitrogen demand is better than for potash, another crop nutrient.  

Shares of Nutrien, the world’s largest potash producer, fell 14% to C$97.93 in Toronto. CF, the biggest nitrogen-fertilizer maker, fell as much as 7.5% in New York before reversing losses to end 2% higher. While potash is critical to crop yields it can be skipped, unlike more urgently-needed inputs like nitrogen, according to Bloomberg Intelligence.