U.S. sanctions against Belarus potash exporter lift Nutrien, Mosaic

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• Nutrien (NTR +2.2%) and Mosaic (MOS +2.1%) jump as much as 3.5% after the U.S. imposed sanctions against Belarus' potash exporter, which accounts for 16% of global production.
• Also: CF +2.4%, IPI +4.4%.
• The U.S. Treasury Department issued a general license authorizing the winding down of transactions involving Belarus Potash Company, the export arm of Belarus state potash producer Belaruskali, until April 1.
• Some Belarus Potash customers will try to avoid new business with the company because of the U.S. sanctions, VTB Capital analysts tell Reuters.
• North American potash producers Nutrien and Mosaic stand to benefit from the sanctions, even as the U.S. move does not change global supply and demand, since more Belarus potash could be shipped to China and India, Scotiabank analyst Ben Isaacson says.
• CEOs of both Nutrien and Mosaic have said they anticipate elevated fertilizer prices will continue on strong demand.