December 19, 2019 / 2:21 PM / a month ago

Mosaic cuts fertilizer production citing market conditions

Dec 19 (Reuters) - Mosaic Co said on Thursday it will reduce its fertilizer production until it sees an improvement in current market conditions, sending its shares nearly 2% lower in early trading.

Agricultural companies have seen their profits hammered due to harsh weather that delayed planting season in North America, and a trade war-fueled uncertainty that has crimped crop demand.

The company plans to cut phosphate production at its Central Florida facilities by 150,000 tonnes per month, in addition to the 500,000 tonne reduction it implemented in the second half of the year primarily in Louisiana.

Mosaic will also continue to operate at lower rates in its Canadian potash business, the company said, adding that it expects potash and phosphates shipment volumes for the fourth quarter to be modestly below its forecast. (Reporting by Saumya Sibi Joseph in Bengaluru; editing by Uttaresh.V)

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