Nutrien Ltd

NTR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 64.00	Dqfpwn	Mxkjmtjbtk

Fertilizer: We Do Not Expect Supply Shock From Israel Conflict

Seth Goldstein

Oct 9, 2023

Fertilizer stocks rallied following the Hamas attack on Israel and the Israeli military response. Of the three primary fertilizers, Israel is a major exporter of potash, accounting for around 6% of global exports based on Nutrien's 2022 fact book. The country is not a major exporter of nitrogen or phosphate. We think the market may be reacting to the increased potential for a supply disruption if the conflict leads to the destabilization of export volumes from Israel.

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