Nutrien (NTR) earnings show another ‘inflation trade’ biting the dust
Fertilizer company Nutrien (NTR) earnings were hit by continued demand destruction in agricultural commodities and Nutrien stock is getting hammered. It, along with Mosaic (MOS) is a watch list item of mine. Glad all I did was watch. This all but ends the daily chart uptrend it had been struggling to hold until today.
This will probably eventually morph into an opportunity in the Ferts and Ags in general. As an example, NatGas is already 40% off of its 2022 highs. But for now, it’s ending an uptrend, not beginning one.
The company also missed third-quarter profit estimates, hurt by cooling prices of crop nutrients as farmers cut fertilizer application to rein in costs, and rising costs of natural gas, which is used as a feedstock to make nitrogen fertilizers.
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