ALL AMOUNTS ARE STATED IN U.S.$

CALGARY, Alberta -- Agrium Inc. (TSX and NYSE: AGU) announced today its highest ever quarterly earnings, with net earnings for the second quarter of 2008 of $636-million ($4.00 diluted earnings per share) more than double the previous quarterly earnings record of $229-million ($1.70 diluted earnings per share) achieved in the second quarter of 2007.  The recent UAP acquisition is estimated to have contributed approximately $0.70 diluted earnings per share for the reported period of May 5 to June 30, 2008.  Net earnings for the first six months of the year were a record $831-million ($5.24 diluted earnings per share), almost four times the previous first half record of $218-million ($1.63 diluted earnings per share) set in 2007.