OSLO, Norway (Reuters) — Norwegian fertilizer producer Yara beat quarterly core earnings forecasts, but net profit missed expectations due to foreign exchange losses and a write down in Libya.
The world’s biggest nitrate fertilizer maker, which operates a plant in Saskatchewan, said the outlook for farm profits and other incentives supports demand even with lower crop prices, but high exports from China pushed nitrogen prices down during the quarter.
Global nitrogen production dropped because of problems in Ukraine and Egypt, but China filled that gap and its exports will continue to move prices, Yara said.
