Commodity Price Fluctuation Risk: Nutrien's profitability is highly sensitive to global prices for potash, nitrogen, and phosphate fertilizers, which can be volatile due to supply, demand, and geopolitical factors.

Input Cost Inflation Risk: Rising costs for critical inputs like natural gas (a primary feedstock for nitrogen production), labor, and transportation can erode profit margins if not adequately passed on to customers.

Geopolitical and Trade Policy Risk: International trade disputes, tariffs, sanctions, or conflicts in key producing regions can disrupt global fertilizer supply chains, affecting both prices and market access for Nutrien's products.