Mosaic to reduce phosphate production in view of weak demand

The Mosaic Company, one of the world's leading producers of concentrated phosphate and potash crop nutrients, has decided to reduce production in its phosphates business in response to current crop nutrient market conditions. The company intends to reduce production by up to 400,000 tonnes with rotating plant shutdowns in the first quarter of 2016.
 
“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,” said Rick McLellan, senior vice president, Commercial, Mosaic.
   
"The long-term positive outlook for phosphates has not changed, but we are adjusting our production levels to match immediate demand and manage our margins,” said Joc O’Rourke, president and chief executive officer, Mosaic.