Calgary, Alberta, Canada
August 6, 2009

ALL AMOUNTS ARE STATED IN U.S.$

Agrium Inc. (TSX and NYSE: AGU) announced today its second highest quarterly net earnings at $370-million ($2.35 diluted earnings per share) for the second quarter of 2009.

"Solid results from Retail, Advanced Technologies and our Wholesale nitrogen businesses resulted in Agrium achieving our second strongest quarterly net earnings in our history. We were able to do this despite the challenge of a short-term reduction in potash and phosphate application rates and Retail crop nutrient margins. The outlook for our businesses and products remains strong and we are starting to see signs of improving demand fundamentals as we approach the fall season. Our Retail crop protection and seed businesses in particular delivered excellent results and we ended the season with normal crop nutrient inventories in our Retail business. We continue to anticipate a recovery in potash demand later in the second half of 2009." said Mike Wilson, Agrium President and CEO.

Full financial results: http://www.agrium.com/uploads/09-031_Agrium_Q2_2009_Results.pdf

Website: http://www.agrium.com

Published: August 6, 2009