Shares of fertilizer producer Mosaic Co. MOS, -1.15% fell 2.1% in premarket trading Thursday, after the company said it will curtail phosphate production by an additional 150,000 tonnes per month at its Central Florida facilities, until the market improves. The decreased production is in addition to the 500,000 tonne reduction implemented in the second half of 2019, primarily in Louisiana. "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 Chief Executive John O'Rourke. As a result, the company said it expects fourth-quarter potash and phosphates shipment volumes to be "modestly below" recently provided guidance ranges. Last month, the company said it expected fourth-quarter potash sales volumes of 1.7 to 1.9 millions of tonnes and phosphates sales volumes of 2.1 to 2.3 millions of tonnes. The stock had tumbled 29% year to date, while the S&P 500 SPX, +0.19% has rallied 27%.
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December 19, 2019 at 08:32PM
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Mosaic to cut fertilizer production further after 3rd straight disappointing application season - MarketWatch
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