The Mosaic Co.said Wednesday it is cutting phosphate production for the short term as cautious North American farmers have lowered demand for the fertilizer.
Plymouth-based Mosaic (NYSE: MOS) said in a news release that it is cutting phosphate production by as much as 250,000 tons through the end of March.
“The current spot prices in this market do not reflect our outlook for the business, nor do we think they are sustainable,” Mosaic CEO Jim Prokopanko said in a statement.
But Prokopanko said he still expects above-average demand for phosphate in 2012.
“We are confident strong farmer economics and agricultural fundamentals will ultimately prevail over the near-term cautious sentiment,” he said.