Trade friction between the U.S. and Canada has moved from headline noise to a real risk for cross border supply chains, including fertilizer and potash. Tariffs and the threat of export taxes on key commodities could reshape where producers win or lose, and that shift may create pockets of opportunity for investors who move early. This article walks through three fertilizer stocks tied to this story and what their exposure to the latest policy moves might mean for you.

The three stocks in this article are just a starting sample, and the full screen surfaced 11 more North American fertilizer and potash companies with equally compelling narratives that are not covered here. To identify and analyze the highest conviction ideas for your watchlist, head straight into the North American Fertilizer and Potash Producers screener

Mosaic (MOS)

Overview: Mosaic is one of the largest North American producers of phosphate and potash crop nutrients, supplying concentrated fertilizers and related products to farmers and distributors worldwide, with a footprint that links directly to the fertilizer and potash pricing story behind this screener.

Operations: Mosaic generates most of its revenue from phosphates at about $5.0b and its Mosaic Fertilizantes segment at about $4.7b, with potash contributing about $2.7b and the balance from corporate and other items.

Market Cap: US$7.7b

Mosaic gives you direct exposure to the fertilizer and potash theme at the center of rising U.S. and Canada trade risk, with a large North American phosphate and potash footprint that could benefit if any Canadian export taxes tighten supply into the U.S. At the same time, the company is working on cost improvements, premium products and a biosciences portfolio, which together aim to support margins and free cash flow over time. Recent commentary highlights both opportunities from trade driven price moves and threats from sanctions, sulfur costs, and potential regulatory scrutiny on fertilizer pricing. With the stock trading well below some intrinsic value estimates but still facing earnings, leverage and dividend coverage questions, Mosaic is a stock that may be suited to careful, theme driven analysis rather than a purely optimistic view.

Mosaic’s valuation profile appears noteworthy when viewed alongside trade risk, commodity exposure and questions about earnings quality. Get the full context with the 3 key rewards and 3 important warning signs (2 are major!)

LSB Industries (LXU)

Overview: LSB Industries is a U.S. chemical producer focused on nitrogen based fertilizers like ammonia and urea ammonium nitrate, along with ammonia and nitric acid products for industrial and explosives customers. That mix provides indirect but meaningful exposure to tighter fertilizer markets and potential price moves tied to regional supply constraints.

Operations: LSB Industries generates all of its approximately $658 million in revenue from chemical manufacturing in the United States.

Market Cap: US$740 million

LSB Industries may be worth a closer look if you want nitrogen fertilizer exposure with an industrial component. The company is reshaping its business toward higher margin industrial and low carbon products, supported by investments in plant reliability and a carbon capture project at El Dorado. In addition, U.S. tariffs on Canadian fertilizer exports could tighten domestic supply and affect pricing. At the same time, funding entirely through external borrowing, limited diversification, and sensitivity to natural gas costs and interest coverage keep the risk side of the ledger active. For investors comfortable weighing that trade off, LSB’s valuation discount and governance profile leave more of the story to uncover in the detailed numbers and contract mix.

LSB Industries is reshaping its fertilizer and industrial mix while markets still price in past concerns. To see how that story lines up with contracts, leverage and cash flow, review the analysis report for LSB Industries

Altius Minerals (TSX:ALS)

Overview: Altius Minerals is a royalty company that collects revenue from a portfolio of long life mining and renewable energy projects, including copper, nickel, lithium, iron ore and potash assets that link it indirectly to fertilizer markets. Instead of operating mines, Altius Minerals earns a slice of revenue or production from partners, which can provide exposure to commodity cycles with less direct operating risk.

Operations: Altius Minerals generates most of its revenue from Mineral Royalties at about CA$79 million, with Renewable Royalties contributing about CA$20 million, a small CA$0.2 million from Project Generation, and an unallocated adjustment for joint ventures of about CA$23 million.

Market Cap: CA$4.0b

Altius Minerals is relevant for investors seeking fertilizer linked exposure without concentrating solely on one potash producer. The royalty model spreads risk across 11 operating mines and a growing U.S. renewable portfolio. Recent updates in August 2026 report record quarterly royalty revenue around CA$30 million, a higher dividend and a larger stake in Great Bay Renewables. At the same time, analysts expect earnings to decline in coming years, recent share issuance has diluted holders, and high non cash earnings can make reported profits harder to interpret. The combination of discounted valuation signals, growing renewable royalties and open questions about future growth and cash deployment highlights that the key issue is how Altius Minerals chooses to use its balance sheet from here.

Altius Minerals is reshaping into a royalty hub across metals and renewables, and the real story may be how its balance sheet firepower gets used next. See how the thesis shifts inside the full narrative for Altius Minerals

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.