UPDATE 4-Agrium profit down, but gets regulatory ruling

* Q3 EPS $0.16 vs $2.31 a year ago

* Analysts forecast EPS $0.16

* Remains committed to acquiring CF Industries

* Shares down 8 Canadian cents at C$51.23 (Adds Competition Bureau ruling)

By Euan Rocha

TORONTO, Nov 4 (Reuters) - Agrium Inc (AGU.TO: Quote, Profile, Research) (AGU.N: Quote, Profile, Research) reported a 93 percent plunge in its quarterly profit on Wednesday, but the fertilizer maker and agricultural products retailer expects sales to rebound in 2010.

Calgary, Alberta-based Agrium, which is locked in a lengthy battle to buy U.S. rival CF Industries (CF.N: Quote, Profile, Research), said the sharp decline in profit was due primarily to lower prices and margins for nitrogen, phosphate and potash -- the three main crop nutrients used by farmers around the world.

Fertilizer producers reported record profits a year ago as grain prices soared, driving a huge increase in fertilizer demand and a big spike in pricing. But the economic slump, tight credit markets and weaker grain prices have hit the sector, crimping both production and fertilizer company profits.

But farmers cannot put off fertilizer application indefinitely, and this, coupled with recent increases in foodgrain prices, means Agrium and its peers are confident that sales volumes and margins will improve in 2010.