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.