Since Russia invaded Ukraine, shares of Saskatoon, Canada’s Nutrien, the Western Hemisphere’s prime fertilizer maker, have climbed 37%. The Energy Select Sector SPDR exchange-traded fund, a proxy for Big Oil, is up solely 13%.
Fertilizer is derived from potash, phosphate, and pure gasoline. Russia and Belarus produce greater than a 3rd of worldwide potash, and dominate in pure gasoline. Belarus’ potash exports have been strangled by prewar Western sanctions; Russia reduce its personal off on March 4. Potash fertilizer costs have soared by three-quarters…