Mosaic misses profit estimates on lower fertilizer prices, Hurricane Ian damage – by Ruhi Soni (Reuters – November 7, 2022)

Nov 7 (Reuters) – Mosaic Co (MOS.N) on Monday became the latest fertilizer maker to miss third-quarter profit estimates, hurt by damage from Hurricane Ian and cooling prices of crop nutrients.

Prices of nutrients such as phosphates and potash have cooled from the near record highs they touched earlier this year as farmers cut back on fertilizer use to rein in costs.

Rivals Nutrien Ltd (NTR.TO), CF Industries Holdings Inc (CF.N) and Intrepid Potash Inc (IPI.N) missed quarterly profit estimates last week, with top fertilizer maker Nutrien also cutting its full-year earnings forecast.

Mosaic, the world’s largest producer of finished phosphate products, saw a 4% drop in production and 10% drop in sales volumes of phosphates as its Tampa, Florida-based operations were damaged by Hurricane Ian as well as resulting rail and port closures.

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