NTR - Tentative deal reached to end Canada port strike; Nutrien rises 3%

2023-07-13 14:57:54 ET

• The strike that disrupted shipments at Canada's western ports for nearly two weeks is near an end, after the dockworkers union and a group of employers reached agreement on a tentative deal .
• The International Longshore & Warehouse Union, representing more than 7K workers, and the British Columbia Maritime Employers Association said they agreed on a new four-year labor contract.
• The Canadian Manufacturers and Exporters trade group estimated the strike caused ~C$500M in daily trade disruptions.
• Top fertilizer producer Nutrien ( NYSE: NTR ) +2.9% ; it recently cited the port strike in cutting production at its Cory potash mine in Saskatchewan, saying full-year Potash adjusted EBITDA would fall below the bottom end of previous guidance of C$2.65B-C$3.35B.
• Fertilizer producers CF Industries ( CF ) and Mosaic ( MOS ) also trade higher, +2.4% and +1.3% , respectively.

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