Mosaic cutting phosphate production
Fertilizer producer Mosaic Co. said it will cut phosphate production by 250,000 tonnes over the next three months as excess supply weighs on spot prices.
"As dealers and distributors focus on the macroeconomic uncertainty and delay purchases for the North American spring season, near-term supply of phosphate barges on the Mississippi River has exceeded near-term demand," Chief Executive Jim Prokopanko said.
However, Mosaic said second-quarter volumes for both phosphate and potash were within its previously provided guidance ranges of 3.1-3.5 million tonnes and 1.7-2.1 million tonnes, respectively.
The Plymouth, Minnesota-based company also said it continues to expect strong demand for both potash and phosphate in 2012.