UPDATE 2-Fertilizer maker Agrium's forecast disappoints, shares fall
* Sees 2016 profit outlook $5.50-$7.00/shr vs est $7.01/shr
* Revenue falls 11 pct to $2.41 bln, misses est of $2.85 bln
* Posts profit $1.52/shr vs est of $1.38/shr
* Shares fall to 1-year low (Adds details, shares)
Feb 9 (Reuters) - Agrium Inc , a Canadian fertilizer and farm products retailer, joined rival Potash Corp of Saskatchewan Inc in forecasting a weaker-than-expected 2016 profit, as prices for crop nutrients remain weak.
Agrium's Toronto-listed shares fell as much as 5.2 percent to C$110.89, its lowest in a year, as investors ignored a better-than-expected quarterly profit.
The company, which sells seed, fertilizers and chemicals directly to farmers in North America, said it expects to earn $5.50-$7.00 per share in 2016, slightly below analysts' average estimate of $7.01, according to Thomson Reuters I/B/E/S.
Potash prices have fallen sharply over the past year, under pressure from bloated capacity, soft grain prices and weak currencies in major consumers such as India and Brazil.
U.S. farmers are likely to increase total crop plantings in 2016, including 1 million to 3 million more acres of corn, a crop that is fertilizer-intensive, Agrium said on Tuesday. However, challenging macroeconomic conditions and weak crop prices pose risks for the year ahead, the company added. Continued...