Although prices of fertilizers such as phosphates and potash decreased towards the end of last year, it did not boost demand as farmers waited for pricing trends to stabilize
Mosaic, the world’s largest producer of finished phosphate products, saw a 11% fall in sales volume for the fertilizer due to unplanned operational outages.
The fertilizer maker had in December temporarily curtailed potash production at its Colonsay, Saskatchewan mine in Canada, citing lower-than-expected demand. Rivals Nutrien Ltd and CF Industries Holdings Inc also missed quarterly profit estimates last week, with Nutrien also forecasting lower-than-expected full-year 2023 earnings.Excluding items, the Tampa, Florida-based company reported earnings of $1.74 per share for the three months ended Dec. 31, compared with the average analyst estimate of $2.26 per share, according to Refinitiv data.Your Globe
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