Thanks....Steve
EPS of 97c beat estimates of 96c; Revenue of $6.00B beat estimates of $5.75B. Nutrien's broad strategy to streamline operations continued in 3Q with a strategic review of the phosphate business after the $600 million Profertil sale. Its nitrogen plants in Trinidad might be next, with the assets contributing about 1% to free cash flow, though reliable gas and port access would likely require solutions first. Stretched US farmer budgets and palm oil prices -- down 10% quarter-to-date and key to Southeast Asian potash demand -- are flashing warning signs for potash demand in 2026. Nutrien's second potash-guidance hike this year adds an incremental 50,000 metric tons in potash sales. At 1.9 million mt, 3Q retail volume was the lowest since 3Q19, hinting at farmer strain, although the $230 million segment Ebitda beat consensus by 13%. Things look OK, notwithstanding some economic uncertainty.