The Globe and Mail reports in its Friday, Aug. 30, edition that Nutrien is scaling back operations in Brazil, the world's largest agricultural exporter, following a series of setbacks. The Globe's Andrew Willis and Kate Hellmore write that this includes a $220-million loss on unauthorized derivatives trades and a $335-million impairment on the value of its division in Brazil (all figures U.S.). Nutrien has also experienced writedowns totaling about $800-million over the past year in its South American unit. Nutrien's vice-president, Megan Fielding, stated that an employee made unauthorized currency derivatives trades in Brazil, resulting in the loss. Nutrien chief executive officer Ken Seitz said earlier this month the company launched a strategic review of its Brazilian operations and has already closed 21 retail outlets in the country. When questioned about the derivatives losses, Mr. Seitz said, "We identified that quickly, we dealt with it quickly and we have remediated the issue." Last year, Nutrien's global sales were $29-billion, with Brazil accounting for $1-billion of the total. The South American nation is the global leader in arable land and agricultural exports.