Nutrien Ltd. (NTR)

Jul 26, 2022Trade Ideas

Keep an eye on potash stocks, such as Nutrien Ltd. (NTR).

After catching support around $71, the stock is just starting to push higher. Now, if it can break above its 50- and 200-day moving averages, it could potentially test $95, near-term.

All on news of potential food shortages, even in the U.S.

According to Barron’s, “Growing threats to the U.S. food supply—exacerbated by government policy—go underappreciated. Concerns of a global food shortage have been mounting given the war in Ukraine and the huge amounts of fertilizer, wheat, and other food-related exports that come from that region. Many economists and strategists say a food shortage can’t happen here. After all, the U.S. produces most of its own food and roughly half of domestic land is used for agricultural production, according to the Food and Drug Administration. There are several overlapping reasons why America shouldn’t take a sufficient food supply for granted.”

That includes the extreme weather scorching crops, higher hay costs, etc.

According to Axios, “The heat will be prolonged, with computer models projecting several more weeks of unusually high temperatures as a heat dome shifts west with time, setting up hot and dry conditions from Colorado to California.”

When conditions are this hot and dry, inevitably crops will fail.

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