Mosaic to Cut Phosphate Output by Up to 400,000 Tonnes in Q1

The Mosaic Company (NYSE:MOS) announced plans to reduce phosphate production. The move is a response to “current crop nutrient market conditions.”
As quoted in the press release:

The Company intends to reduce production by up to 400,000 tonnes with rotating plant shutdowns in the first quarter of 2016.

Rick McLellan, senior vice president, commercial, at Mosaic, commented:

With the recent price volatility and decline in raw material costs, buyers appear to be delaying purchases.  This is lengthening the seasonal period of weak demand. Today’s crop nutrient prices, including phosphates, are attractive to farmers globally and we expect a strong demand response after this seasonally slow period.

Click here to read the full release from The Mosaic Company (NYSE:MOS).