Florida November 02, 2021: Mosaic Co., the world’s largest phosphate producer, expects the fertilizer price surge will continue.
The company “expects upward pricing momentum to continue” as 90% of fourth quarter sales are committed and priced, with some customers requesting commitments as far forward as second quarter of 2022, the company said Monday in a statement.
Mosaic reported third quarter adjusted earnings that missed the average analyst estimates, with lower potash and phosphate sales volumes, pushing shares lower in afermarket trading.
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Fertilizer prices have skyrocketed as soaring natural gas costs have forced some European production plants to halt or curtail production. U.S. spot pricesfor potash and urea, a form of nitrogen fertilizer, have more than doubled this year, according to Green Markets, a company owned by Bloomberg.
The price surge is stoking fears farmers may pull back on purchases or shift more acres into crops that require less nutrients. A drop in yields could drive crop prices higher, worsening food inflation.
Green Market’s North American fertilizer price index rose 0.4% Friday to $1,017.87 per short ton, just off a record reached earlier this month.To contact the reporters on this story:
