The latest market outlook from Nutrien says global grain stocks-to-use ratios remain well below average levels, which should continue to support crop prices.

The outlook says prices for key crops like wheat, soybeans and corn are up 25 to 35 percent compared to the ten year average, providing strong incentive for farmers to increase production.

The U.S. agriculture department projects the Ukrainian wheat and corn production will be down more than 40 percent and combined Ukrainian exports of corn, wheat and barley will be down about 60 percent year over year this coming crop year.

The overall reduction in Ukrainian production is expected to continue to limit supplies for the coming year.

Nutrien expects good growing conditions and farm economics to support demand for crop nutritional products, fungicides and insecticides in the third quarter of 2022.

Nutrien delivered record earnings in the first half of 2022 with the full year expected to see earnings of 14 to 15.5 billion dollars.