Trump plans to place a 25 per cent tariff on Canadian imports, which will take effect in March after granting a 30-day extension.

“Frankly, costs of this (tariff) will be borne by the U.S. farmers…the U.S. farmers will likely feel the impact after the spring planting season,” CEO Ken Seitz said during a post-earnings conference call.

Nutrien has assembled a team from various departments to manage tariff-related operations, including duty collection.

Seitz said U.S. farmers will be able to get fertilizer for the upcoming spring planting season. Weather problems in late 2024 prevented some fertilizer applications U.S. farmers planned to do, officials said, leaving more needed in 2025. U.S. farmers are expected to plant more than 90 million acres of fertilizer-hungry corn this spring, leaving the company optimistic about its 2025 U.S. demand outlook.

The potential end of the war between Russia and Ukraine isn’t seen as a threat to 2025 Nutrien sales, Seitz said, since Russian potash has already been reaching the market and Belarusian supplies, presently under sanction by the European Union and others, will have trouble reaching markets through Europe.

Belarus has been cut off from Lithuania’s main port. It will have trouble getting access regardless of sanctions, and will probably have to move through Russia to reach world markets. Belarusian idle production won’t come back fast.

“We think that happens slowly over time,” said Seitz.

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The top U.S. supplier of corn and soy seeds has invested heavily to improve the yields of its products as it bets on the long-term demand for food, feedstock, and biofuels.

The company forecast 2027 revenue to be in the range of $18.2 billion to $18.8 billion (C$25.5 billion to 26.3 billion) , compared with its expected 2024 revenue of about $17.1 billion (C$23.9 billion).

Corteva also predicted $1 billion (C$1.4 billion) in cost declines through 2027, largely due to a fall in commodity prices.

The company projected flat to low-single-digit percentage growth until 2027 compared to 2024 levels for its crop protection segment.

The insecticide maker’s profit has been dented since last year by a slump in demand for insecticides and fungicides as farmers have slowed purchases in the face of lower income and rising costs.

“I think we have taken a conservative view of the market, but we expect it to return to sort of normal growth rates in 2026,” CEO Chuck Magro said at the company’s investor day.

The Indianapolis-based company earlier this month cut its annual sales forecast and reported a larger-than-expected loss for the third quarter due to weak demand and lower prices.

Corteva also said it expects to return about $4.5 billion (C$6.3 billion) to shareholders between 2025 and 2027, after announcing a new buyback program of $3 billion (C$4.2 billion) on Tuesday.

The company’s existing $2 billion ($2.8 billion) share repurchase plan, announced in 2022, had about $750 million (C$1.05 billion) remaining as of Sept. 30.

Shares of the company were up 1.5 per cent in afternoon trade.

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The company is set to lose about $2.3 billion (C$3.2 billion) of its market value if premarket losses hold through the day.

Archer-Daniels-Midland said it will amend its fiscal year 2023 Form 10-K and statements for the first and second quarter of this year.

This comes months after ADM corrected six years of financial data after an internal investigation found some sales between business units within the company were not recorded properly.

The accounting irregularities have sparked several government investigations and led to the departure of CEO Vikram Luthar in September.

“Investors will undoubtedly be disappointed that this accounting overhang has returned,” CFRA analyst Arun Sundaram said, adding that they would also question whether ADM will achieve its 2025 financial targets that were set three years ago.

The company postponed its earnings call, which was scheduled for Tuesday, and now expects to hold a webcast after it has filed the amended statements.

The restated filings will include some newly identified errors concerning additional intersegment sales for all three of its main segments, the company said late on Monday.

ADM said it does not expect any material impact and was working to complete the restatements as soon as “reasonably practicable”, but cut its 2024 adjusted earnings forecast to $4.50 to $5 per share, from $5.25 to $6.25 it had estimated earlier.

The company reported adjusted profit per share of $1.09 for the third quarter ended Sept. 30, compared with the average analyst estimate of $1.25, according to data compiled by LSEG.

ADM’s operating profit from Ag Services and Oilseeds segment, its largest by revenue, slumped 43 per cent from a year earlier.

The company also paid $96 million (C$133 million) in settlement claims in the quarter.

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The global grains merchant had expected a profit lift from a spike in crop sales by U.S. farmers, who are harvesting a record soybean crop and their second-largest corn crop ever.

Bunge firmed its 2024 adjusted earnings-per-share outlook to “at least $9.25” from “approximately $9.25” previously as results from its Agribusiness and its Refined and Specialty Oils were better than expected, though down from the same quarter last year.

Shares were down 0.7 per cent at mid-morning at $87.20 (C$121.23).

Bunge and agribusiness rivals including Archer-Daniels-Midland Co and Cargill Inc have seen profits decline and margins erode as prices for staple crops like corn and soybeans have slid to near four-year lows.

Quarterly adjusted earnings in Agribusiness, Bunge’s largest segment, fell 22 per cent from a year earlier despite a 5.5 per cent rise in sales as weak oilseed processing margins in North America and Asia more than offset better results in South America.

Refined and Specialty Oils adjusted profit dropped 21 per cent amid a 2.4 per cent bump in volumes.

Chief Executive Greg Heckman said the results exceeded expectations.

“We saw shifting margin environments across the globe, with improved margins in some regions offsetting more muted conditions in others,” he said.

The results come as Bunge is waiting to close a $34 billion (C$47.3 billion) acquisition of Glencore-backed Viterra. Shareholders have approved the deal and Bunge has received conditional clearance from EU regulators, but the company is still waiting on approvals from Canadian and Chinese regulators.

Bunge expects to close the deal by early 2025, Heckman said.

Bunge reported an adjusted profit of $2.29 per share (C$3.18) for the quarter ended Sept. 30, compared with analysts’ estimate of $2.15 per share, according to data compiled by LSEG.

The company’s full-year adjusted profit outlook of “at least $9.25” per share fell short of the $9.43 (C$13.11) expected by analysts.

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