Mosaic Curtails Production
The Mosaic Co. on Dec. 19 announced that it intends to reduce fertilizer production until markets improve. The company plans to decrease phosphate production at its Central Florida facilities by 150,000 mt per month. This follows the 500,000 mt reduction it took in second-half 2019, mainly in Louisiana. In addition, Mosaic said it will continue to operate at lower rates in its Canadian potash business.
“A third consecutive disappointing application season in North America has led to continuing high inventories and price weakness. Mosaic will not produce at high rates when we are unable to realize reasonable prices,” said President and CEO Joc O’Rourke.