Nutrien fell short of analysts' estimates for third-quarter profit on Wednesday, as lower potash prices weighed on the world's biggest fertilizer producer.

Potash prices have been falling after shipments from Belarus and Russia resumed. These exports had been significantly restricted last year following Western sanctions imposed on Russia in response to its invasion of Ukraine.

Demand for fertilizers was also weak during much of the year, analysts have said, as farmers waited for prices to settle down.

Potash prices averaged $250 per tonne during the reported quarter, compared with $633 per tonne a year earlier.

The company's U.S.-listed shares fell 2% after the bell.

On an adjusted basis, Nutrien reported earnings of 35 cents per share for the three months ended Sept. 30, compared with the average analyst estimate of 66 cents, according to LSEG data.

(Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila)