Agrium posts record profit but drought clouds upside

North America's biggest retail supplier of farm products and services, Agrium Inc , reported record high second-quarter profit on strong demand for crop inputs, but analysts said the severe U.S. drought presents downside risks.

National Bank Financial cut Agrium's rating to "underperform" from "sector perform" on Friday, following a downgrade on Thursday by Dahlman Rose and Co. Agrium reported its second-quarter results late on Thursday.

"Management is optimistic about prospects given the rally in grain prices, though there is risk that nutrient demand could be muted near term if the U.S. drought persists into the fall," National Bank analyst Robert Winslow said in a note to clients.

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- Posted: 2012-08-03 14:49:51

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