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HIGHLIGHTS OF NUTRIEN CEO'S COMMENTS AT AG RETAILER ASSN CONFERENCE
Nov. 29, 2018
Agri-Pulse reports:
The CEO of Nutrien, the company formed from the merger of Agrium and Potash Corp., took a cautiously optimistic tone yesterday in a speech at the Agricultural Retailers Association's annual meeting in Boca Raton, Fla. "I think we are in an ag recession," Chuck Magro told his audience, but moments later he added, "Get ready for a rebound coming in the next few years."
The trade wars the United States is fighting are creating uncertainty, but Magro said "we're going to get through it." He cited this bright spot: The declining stocks to use ratio for corn despite record crops the last three years.
Magro said Nutrien is going "all in" on technology, spending close to $100 million a year on digital research and development. "We feel compelled," he said, to enter the world of e-commerce. He also said Nutrien has increased its ag lending. "Lenders are pulling back at the exact wrong time -- when farmers need it," he said.
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