UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549





FORM 40-F

(Check One)



| ̈ | Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
|- | ------------------------------------------------------------------------------------

Or



|þ | Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------------

For fiscal year ended: December 31, 2011

Commission file number: No. 001-14460





AGRIUM INC.

(Exact name of registrant as specified in its charter)





Canada

(Province or other jurisdiction of incorporation or organization)

2870

(Primary standard industrial classification code number)

98-0346248

(I.R.S. employer identification number)

13131 Lake Fraser Drive S.E.

Calgary, Alberta

T2J 7E8 Canada

(403) 225-7000

(Address and telephone number of registrants principal executive offices)

CT Corporation System

111 Eighth Avenue, 13th Floor

New York, New York 10011

U.S.A.

(212) 894-8940

(Name, address and telephone number of agent for service in the United States)



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Securities registered pursuant to Section 12(b) of the Act:



|                     |  |                                           
|-------------------- |  | ------------------------------------------
|Title of each class: |  | Name of each exchange on which registered:
|Common Shares        |  | New York Stock Exchange                   

Securities registered or to be registered pursuant to Section 12(g) of the Act:

Not Applicable

Securities for which
there is a reporting obligation pursuant to Section 15(d) of the Act:

Not Applicable

For annual reports, indicate by check mark the information filed with this form:

þ  Annual Information Form      þ  Audited Annual Financial
Statements

Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the
period covered by the annual report:

157,821,735 Common Shares outstanding as of December 31, 2011

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.

Yes  þ            
No   ̈

Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (s.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
Registrant was required to submit and post such files).

Yes   ̈            
No   ̈

The Annual Report on Form 40-F shall be incorporated by reference into the
registrants Registration Statements on Form S-8 (File Nos. 333-11254, 333-114276, 333-132207, 333-143334, 333-149666 and 333-161620).









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PRINCIPAL DOCUMENTS

The following documents have been filed as part of this Annual Report on Form 40-F:



| | (1) | Annual Information Form for the Year Ended December 31, 2011 (included as Exhibit 99.1 hereto);
| | --- | -----------------------------------------------------------------------------------------------

| | (2) | Managements Discussion and Analysis from the 2011 Annual Report to Shareholders (included as Exhibit 99.2 hereto); and
| | --- | -----------------------------------------------------------------------------------------------------------------------

| | (3) | Audited Annual Financial Statements for the Year Ended December 31, 2011 (included as Exhibit 99.3 hereto).
| | --- | -----------------------------------------------------------------------------------------------------------

DISCLOSURE CONTROLS AND PROCEDURES



|A. | Certifications
|-- | --------------

The required disclosure is included in Exhibits 99.999.12 to this Annual Report on Form 40-F.



|B. | Evaluation of Disclosure Controls and Procedures
|-- | ------------------------------------------------

Agrium Inc. (the Registrant) maintains disclosure controls and procedures and internal control over financial reporting designed to ensure that information required to be disclosed in the
Registrants filings under the Securities Exchange Act of 1934, as amended (the Exchange Act) is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange
Commission (the SEC). The Registrants Chief Executive Officer (CEO) and Chief Financial Officer (CFO), after having evaluated the effectiveness of the Registrants disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report have concluded that, as of such date, the Registrants disclosure controls and procedures were effective to ensure that information
required to be disclosed by the Registrant in reports that the Registrant files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the SECs rules and forms, and
(ii) accumulated and communicated to management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. However, as
recommended by the SEC in its adopting release, the Registrant will continue to periodically evaluate its disclosure controls and procedures and will make modifications from time to time as deemed necessary to ensure that information is recorded,
processed, summarized and reported within the time periods specified in the SECs rules and forms.

The
Registrants disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives and, as indicated in the preceding paragraph, the CEO and CFO believe that the Registrants disclosure controls and
procedures are effective at that reasonable assurance level, although the CEO and CFO do not expect that the disclosure controls and procedures or internal control over financial reporting will prevent all errors and fraud. A control system, no
matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.



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|C. | Managements Annual Report on Internal Control Over Financial Reporting
|-- | -----------------------------------------------------------------------

The required disclosure is included in the Managements Report that accompanies the Registrants
Consolidated Financial Statements for fiscal year ended December 31, 2011, filed as part of this Annual Report on Form 40-F.



|D. | Attestation Report of the Independent Registered Public Accounting Firm
|-- | -----------------------------------------------------------------------

The required disclosure is included in the Report of Independent Registered Public Accounting Firm that accompanies
the Registrants Consolidated Financial Statements for the fiscal year ended December 31, 2011, filed as part of this Annual Report on Form 40-F. See Controls & Procedures in Managements Discussion and Analysis
for the fiscal year ended December 31, 2011 filed as part of this Annual Report on Form 40-F.



|E. | Changes in Internal Control Over Financial Reporting
|-- | ----------------------------------------------------

There was no change in the Registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, its internal control over financial reporting.

AUDIT COMMITTEE FINANCIAL EXPERT

The Registrants Board of Directors has determined that it has at least one audit committee financial expert (as such
term is defined in paragraph 8(b) of General Instruction B to Form 40-F) serving on its Audit Committee. Mr. Victor J. Zaleschuk has been determined to be such audit committee financial expert and is independent (as such term
is defined in the New York Stock Exchanges corporate governance standards).

Paragraph 8(d) of General Instruction B to
Form 40-F indicates that the designation of an individual as an audit committee financial expert does not make him an expert for any purpose, impose on him any duties, obligations or liability that are greater than the duties,
obligations or liability imposed on him as a member of the Audit Committee and the Board of Directors in absence of such designation, or affect the duties, obligations or liability of any other member of the Audit Committee or Board of Directors.

CODE OF ETHICS

The Registrant has adopted a code of ethics (as that term is defined in Form 40-F), entitled Code of Business Conduct and Ethics that applies to all directors, officers and employees of the
Registrant. The Code of Business Conduct and Ethics has been posted on the Registrants web site and may be viewed by visiting www.agrium.com and selecting the Guidelines & Policies icon within the section entitled
Governance.

The Code of Ethics is available in print to any shareholder who requests it. Requests for copies of
the Code of Ethics should be made by contacting the Registrant in writing at 13131 Lake Fraser Drive S.E., Calgary, AB T2J 7E8, by telephone at (403) 225-7000, or on the Registrants website at www.agrium.com.



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In the past fiscal year, there have not been any amendments to the Code of Ethics or
waivers, including implicit waivers, from any provision of the Code of Ethics.

NOTICES PURSUANT TO REGULATION BTR

Not applicable.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets out the
fees billed to the Registrant by KPMG LLP and its affiliates for professional services in each of the years ended December 31, 2010 and 2011. During these years, KPMG LLP was the Registrants only external auditor.



|                   |  |                        |           |  |               |   |           | 
|------------------ |  | ---------------------- | --------- |  | ------------- | - | --------- | 
|Category           |  | Year Ended December 31 |          
|                   |  | 2011 (CDN$)
$          |           |  | 2010 (CDN$)
$ |  
|Audit Fees(1)      |  | $                      | 4,690,000 |  |               | $ | 3,080,000 | 
|Audit-Related Fees |  |                        | Nil       |  |               |   | Nil       | 
|Tax Fees(2)        |  | $                      | 633,000   |  |               | $ | 490,000   | 
|All Other Fees     |  |                        | Nil       |  |               |   | Nil       | 
|Total              |  | $                      | 5,323,000 |  |               | $ | 3,570,000 | 



| | (1) | For professional services rendered by KPMG LLP for the audit and review of the Registrants financial statements or services that are normally provided by KPMG LLP
in connection with statutory and regulatory filings or engagements.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | For professional services rendered by KPMG LLP for tax compliance, tax advice and tax planning with respect to Canadian, U.S. and international jurisdictions; review of
tax filings; assistance with the preparation of tax filings; tax advice relating to potential asset and business acquisitions/combinations; and other tax planning, compliance, and transaction services.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

AUDIT COMMITTEES PRE-APPROVAL POLICIES AND PROCEDURES

The Registrant has adopted a written policy pursuant to which the Registrants Audit Committee pre-approves all audit services and permitted non-audit services provided to the Registrant by the
Registrants independent auditors. The pre-approved services specified in such policy are reviewed annually, and the audit and non-audit services to be provided by the Registrants independent auditors, as well as the budgeted amounts for
such services, are also pre-approved annually. The Audit Committee has also delegated to the Chair of the Audit Committee, who is independent, the authority to act on behalf of the Audit Committee with respect to the pre-approval of all audit and
permitted non-audit services provided by its external auditors from time to time. Any approvals by the Chair are reported to the full Audit Committee at its next meeting. None of the services described in footnote 2 under Principal Accountant
Fees and Services above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.



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OFF-BALANCE SHEET ARRANGEMENTS

The required disclosure is included on page 53 of Managements Discussion and Analysis for the fiscal year ended December 31,
2011, filed as part of this Annual Report on Form 40-F and in note 9 to the Registrants audited annual financial statements included as Exhibit 99.3 of this Annual Report on Form 40-F.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The required disclosure is included on page 51 of Managements Discussion and Analysis for the fiscal year ended December 31, 2011, filed as part of the Annual Report on Form 40-F.

IDENTIFICATION OF THE AUDIT COMMITTEE

The Registrant has a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are Victor J. Zaleschuk
(Chair), David J. Lesar, John E. Lowe, Russell K. Girling and A. Anne McLellan.

RESERVE AND RESOURCE ESTIMATES

The Registrants mineral reserves have been estimated in accordance with National Instrument
43-101Standards of Disclosure for Mineral Projects (NI 43-101), as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 under the Exchange Act, as interpreted by the
Staff of the SEC, applies different standards in order to classify mineralization as a reserve. In addition, while the terms measured, indicated and inferred mineral resource are required pursuant to NI 43-101,
the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC, and mineral resource information contained in the documents incorporated into this Annual Report on Form 40-F by reference is not
comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the SEC. Investors should understand that inferred mineral resources have a great amount of uncertainty as to their existence
and great uncertainty as to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of our mineral resources constitute or will be converted into reserves.

MINE SAFETY DISCLOSURE

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act and Item 16 of General Instruction B to Form 40-F is included in Exhibit 99.8 to this Annual Report on Form 40-F.



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UNDERTAKING AND CONSENT TO SERVICE OF PROCESS



|A. | Undertaking
|-- | -----------

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the staff of the SEC, and to furnish promptly, when requested to do so by the SEC
staff, information relating to the securities in relation to which the obligation to file an annual report on Form 40-F arises or transactions in said securities.



|B. | Consent to Service of Process
|-- | -----------------------------

The Registrant has previously filed with the SEC a Form F-X in connection with the Common Shares.

Any change to the name or address of the Registrants agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Registrant.



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SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf
by the undersigned, thereto duly authorized.





|                    |  |  |  |             |  |                                                                   
|------------------- |  |  |  | ----------- |  | ------------------------------------------------------------------
|                    |  |  |  | AGRIUM INC.
|                    |  |  | 
|Date: March 2, 2012 |  |  |  | By:         |  | /s/ Michael M. Wilson                                             
|                    |  |  |  |             |  | Name: Michael M. Wilson Title:
President & Chief Executive Officer



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EXHIBIT INDEX



|         |  |                                                                                                                                                          
|-------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |  | Description                                                                                                                                              
|         | 
|99.1     |  | Annual Information Form for the Year Ended December 31, 2011                                                                                             
|         | 
|99.2     |  | Managements Discussion and Analysis from the 2011 Annual Report to Shareholders                                                                         
|         | 
|99.3     |  | Audited Annual Financial Statements for the Year Ended December 31, 2011                                                                                 
|         | 
|99.4     |  | Consent of Independent Registered Public Accounting Firm                                                                                                 
|         | 
|99.5     |  | Consent of A. Dave Mackintosh, B.Sc., P.Geo                                                                                                              
|         | 
|99.6     |  | Consent of ADM Consulting Limited                                                                                                                        
|         | 
|99.7     |  | Consent of Erika D. Stoner, P.Eng                                                                                                                        
|         | 
|99.8     |  | Mine Safety Disclosure                                                                                                                                   
|         | 
|99.9     |  | Chief Executive Officers Certification Required by Rule 13a-14(a) or Rule 15d-14(a)                                                                     
|         | 
|99.10    |  | Chief Financial Officers Certification Required by Rule 13a-14(a) or Rule 15d-14(a)                                                                     
|         | 
|99.11    |  | Chief Executive Officers Certification Required by Rule 13a-14(b) or Rule 15d-14(b)
and Section 1350 of Chapter 63 of Title 18 of the United States Code
|         | 
|99.12    |  | Chief Financial Officers Certification Required by Rule 13a-14(b) or Rule 15d-14(b)
and Section 1350 of Chapter 63 of Title 18 of the United States Code