(Adds share activity, details from news release)
HOUSTON Dec 1 Mosaic Co (MOS.N) on Monday said
its fiscal second-quarter fertilizer sales were soft, a
condition that is expected to continue into the third quarter.
The Plymouth, Minnesota company also said it is withdrawing
its sales forecasts for the balance of 2009, citing market
Shares of the Plymouth, Minnesota company fell 8 percent in
Due to soft market conditions, phosphate sales volumes for
the second quarter ended Nov. 30 were about 1.3 million tonnes,
or about 800,000 tonnes lower than the prior quarter, the
Potash sales volumes for the second quarter were
approximately 1.7 million tonnes down from 1.9 million tonnes
in the first quarter. The average selling price was $525 per
tonne, below company's forecast range of $560 to $620 per
"Several factors have impacted worldwide crop nutrient
demand, including lower grain and oilseed prices, a late North
American harvest, congested distribution supply chains, and the
unprecedented global economic and credit downturn which has
seen business moderate in nearly all sectors," Jim Prokopanko,
chief executive officer, said.
As announced in October, Mosaic is reducing phosphate
production by about one million tonnes through December 2008.
The company said its is prepared to cut phosphate production
another 1 million tonnes if slow market conditions persist.
(Reporting by Anna Driver in Houston; editing by Carol