The Mosaic Co. reported October-November potash sales volumes of 1.25 million mt, down from the year-ago 1.31 million. However, revenues were up at $780 million from the year-ago $529 million.
The company said total fourth-quarter potash sales volumes are now expected to be in the range of 1.8-2.0 million mt, with realized MOP pricing at the mine in the range of $560-$600/mt. Earlier in the quarter, the Colonsay potash mine was temporarily idled as a result of the slower-than-expected recovery in demand (GM Dec. 9, 2022).
Phosphate volumes were down for the two-month period to 914,000 mt from the year-ago 1.14 million mt, with revenues also seeing a decline to $785 million from $902 million. Fourth-quarter phosphate sales volumes are expected to be in the range of 1.5-1.7 million mt.
Guidance for realized DAP prices on an FOB basis remains unchanged at $700-$750/mt. The company said that in addition to slower markets, lingering issues stemming from Hurricane Ian have continued longer than previously expected. Repairs to sulfuric acid plants supporting production at the Bartow facility are now expected to be completed early in the first quarter of 2023.
Mosaic Fertilizantes saw a slight decrease in sales volumes for the two-month period to 1.52 million mt from the year-ago 1.57 million mt. However, revenues were up, at $1.24 billion from the year-ago $989 million.
While demand recovery for both phosphates and potash has been slowed by seasonality in late 2022, Mosaic anticipates 2023 to be a strong year for nutrient application, supported by historically strong crop prices and constructive grower economics.