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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

Form 40-F

(Check One)

|o |  | 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, 2003
|                        |  |                  
|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)

2873/5191
(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 office)

CT Corporation System
111 Eighth Avenue, 13th Floor
New York, New York 10011
U.S.A.
(212) 894-8700
(Name, address and telephone number of agent for service in the United States)

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:

|              |  |            
|------------- |  | -----------
|Common Shares |  | 126,584,963

Indicate by check mark whether the registrant by filing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
(the Exchange Act). If Yes is marked, indicate the file number assigned to
the registrant in connection with such rule.

|     |  |    
|---- |  | ---
|Yeso |  | Noþ

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

|     |  |    
|---- |  | ---
|Yesþ |  | Noo



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DISCLOSURE CONTROLS AND PROCEDURES



|A. |  | 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 period specified in the rules and forms of the Securities and
Exchange Commission (the SEC). The Registrants Chief Executive
Officer and Chief Financial Officer, after having evaluated the
effectiveness of the Registrants disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14(e) and 15d-14(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 adequate and
effective to ensure that material information relating to the Registrant
and its consolidated subsidiaries would be made known to them by others
within those entities. 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 periods specified in
the SECs rules and forms.
|  
|B. |  | 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
the rules and regulations of the SEC) serving on its Audit Committee.
Mr. Harry G. Schaefer has been determined to be such audit committee
financial expert and is independent (as such term is defined by the New
York Stock Exchanges corporate governance standards applicable to the
Registrant).                                             
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  | The SEC has indicated that the designation of Mr. Schaefer 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 Business Conduct and Ethics
(included as Exhibit 7 to this report) that applies to all directors,
officers and employees of the Registrant.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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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 rendered in each of
the years ended December 31, 2002 and 2003. During these years, KPMG LLP
was our only external auditor.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                      |  |                         |         |      |  |   |         | 
|--------------------- |  | ----------------------- | ------- | ---- |  | - | ------- | 
|Category              |  | Year Ended December 31,
|                      |  |                        
|                      |  | 2002                    |         | 2003
|                      |  |                         |         |     
|Audit Fees(1)         |  | $                       | 585,000 |      |  | $ | 562,000 | 
|Audit-Related Fees(2) |  | $                       | 94,000  |      |  | $ | 97,000  | 
|Tax Fees(3)           |  | $                       | 269,000 |      |  | $ | 299,000 | 
|All Other Fees(4)     |  | $                       | 0       |      |  | $ | 7,000   | 
|                      |  |                         |         |      |  |   |         | 
|Total                 |  | $                       | 948,000 |      |  | $ | 965,000 | 
|                      |  |                         |         |      |  |   |         | 



| |  | (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 assurance and related services by KPMG LLP that are reasonably
related to the performance of the audit or review of the Registrants
financial statements and are not reported under Audit Fees above. These
services consisted of audits of the financial statements of the U.S.
Defined Benefit Pension Plans and 401(k) Retirement Savings Plans for the
fiscal years 2002 and 2003; audits of the combined financial statements
for North America Retail Operations for the fiscal years 2002 and 2003;
audits of the financial statements for VU Partnership for the fiscal years
2002 and 2003; consultations concerning internal controls and financial
accounting and reporting standards; and compliance reports relating to
contractual debt arrangements.
|
| |  | (3)     For professional services rendered by KPMG LLP in connection with tax
compliance, tax advice and tax planning. These services consisted of
advice relating to the accounts receivable securitization program;
expatriate tax planning services; compliance services relating to
exportation tax filings; review and preparation of tax filings; tax advice
relating to potential asset and business acquisitions/combinations; and
other tax planning and compliance services.                                                                                                                                                                                                                                                                                            
|
| |  | (4)     For services provided by KPMG LLP, other than the services reported
under Audit Fees, Audit-Related Fees and Tax Fees above. These
services consisted of miscellaneous corporate reporting and compliance
services.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

AUDIT COMMITTEES PRE-APPROVAL POLICIES AND PROCEDURES



| |  | The Registrants Audit Committee pre-approves all audit services and
permitted non-audit services provided to the Registrant by KPMG LLP. The
Audit Committee has 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
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| |  | 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 services described in footnotes
2, 3 and 4 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.
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

OFF-BALANCE SHEET ARRANGEMENTS



| |  | See page 35 of Exhibit 2 to this report and note 6 to the
Registrants audited financial statements included as Exhibit 3 of this
report.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS



| |  | See page 33 of Exhibit 2 to this report.
| |  | ----------------------------------------

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 Harry G. Schaefer (Chair), Ralph
S. Cunningham, Susan A. Henry, Victor J. Zaleschuk and Frank W. Proto.
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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.                                                                                                                                                                                                                                                                           





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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 26, 2004 |  | By:         |  | /s/ Michael M. Wilson
|                     |  |             |  | Name:                 |  | Michael M. Wilson                  
|                     |  |             |  | Title:                |  | President & Chief Executive Officer





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EXHIBIT INDEX

|         |  |                                                                                                                                           
|-------- |  | ------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits |  | Description                                                                                                                               
|         |  |                                                                                                                                           
|1.       |  | Annual Information Form for the Year Ended December 31, 2003                                                                              
|         |  |                                                                                                                                           
|2.       |  | Managements Discussion and Analysis from the 2003 Annual Report to
Shareholders                                                          
|         |  |                                                                                                                                           
|3.       |  | Audited Annual Financial Statements for the Year Ended December 31,
2003                                                                  
|         |  |                                                                                                                                           
|4.       |  | Consent Letter from KPMG LLP                                                                                                              
|         |  |                                                                                                                                           
|5.       |  | Officers Certifications Required by Rule 13a-14(a) or Rule 15d-14(a)                                                                     
|         |  |                                                                                                                                           
|6.       |  | Officers Certifications 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
|         |  |                                                                                                                                           
|7.       |  | Business Code of Conduct & Ethics