(Bloomberg) — The world’s largest maker of crop nutrients is cautioning against any meddling in the economics of fertilizer markets.
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“The artificial injection of artificial constraints into supply-and-demand fundamentals never really works very well,” Nutrien Ltd. Chief Executive Officer Ken Seitz said during an interview Thursday.
The warning followed an Iowa Corn Growers Association call for US scrutiny of fertilizer pricing and the impact higher costs have on farmers and consumers. The group said it’s seeking increased transparency so growers can better understand “reoccurring” price increases.
Read More: Iowa Farm Group Seeks Federal Scrutiny Over Fertilizer Prices
While Seitz didn’t comment directly on the Iowa organization’s push, he stressed the competitiveness of the global fertilizer industry.
“No one in this market by any measure controls prices,” he said. “There’s no such thing.”
Separately, Canada-based Nutrien on Wednesday posted disappointing third-quarter profit amid weaker-than-expected fertilizer volumes and pricing. Seitz said the outlook for the October-December period in North America is strong, barring any weather issues.
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