By Ben Glickman
Shares of fertilizer producers rose after Belarusian President Aleksander Lukashenko suggested state-owned Belaruskali should cut production of potash.
Mosaic shares rose 6.2% to $28.55 in Monday trading, the best performer on the S&P 500. Nutrien, the world's largest potash producer, was up 4.7% to $50.62.
Israeli ICL Group's U.S.-traded stock was up about 7.7% to $4.47. Shares are still down about 11% this year.
Lukashenko on Monday suggested it would make sense to cut production of potash fertilizer across Belarus and Russia by 10% to 11%, according to state-run media Belta. He specifically pointed out that current potash prices were low.
Belaruskali and Russia together hold about 35% of global potash supply, according to Morgan Stanley analysts. They estimate a 10%-11% production cut would reduce global supply by about 4%.
Stocks for other producers, including Intrepid Potash and Compass Minerals International, also gained.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 04, 2024 14:04 ET (19:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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