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Mosaic Joins Competitors, Cuts Potash Output By 20% Through May

By Ian Berry Of DOW JONES NEWSWIRES Fertilizer producer Mosaic Co. (MOS) said Thursday it would cut potash production by up to 20% from February through May, becoming the latest company to pull back in the face of weakening prices. "Cautious dealer sentiment continues to delay purchases and lower near-term demand for potash," said Jim Prokopanko, president and chief executive of the Minneapolis-based company. Mosaic, the world's largest phosphate producer, had already announced phosphate production cuts in December. But the company had until now resisted potash reductions despite cuts by competitors. Prokopanko said last month that potash "is in balance for our situation." Potash Corp. of Saskatchewan (POT), a member of the North American export arm Canpotex, announced a couple rounds of cuts recently. The cuts have pared back production by 1.3 million tons over the last several weeks in response to the lower demand, though the company has said it remains committed to its plan to expand its production by 2015 to 17 million tons from 11 million tons currently. Russian fertilizer giant Uralkali (URKA.RS), has also signaled it would cut back production. Fertilizer executives have portrayed the current pricing weakness, and excess supply, as temporary. Prokopanko said that despite caution from dealers, "farmer economics remain strong" and he expects record-setting potash shipments in 2012. U.S. farmers planted 91.9 million acres of corn in 2011 and are widely expected to increase that total to 93 million to 95 million this year. Mosaic shares were down 0.2% to $57.02 premarket. They are up 13.3% so far in 2012. -By Ian Berry, Dow Jones Newswires; 312-750-4072; ian.berry@dowjones.com

Stock News for Mosaic (MOS)
DateTimeHeadline
04/27/201510:05:28RBC Capital Cuts Mosaic Price Target to $51.00 (MOS)
04/21/201516:52:08Mosaic Rating Lowered to Hold at TheStreet (MOS)
04/21/201508:00:00The Mosaic Company Named No. 40 on 100 Best Corporate Citizens...
04/21/201508:00:00The Mosaic Company Named No. 40 on 100 Best Corporate Citizens...
04/15/201516:15:00Mosaic Announces 2015 First Quarter Earnings Release And Conference...
04/13/201518:07:53Mosaic: A Low-Risk Investment With Limited Upside
04/10/201511:59:48Uralkali agrees $10/ton increase in potash sales to China
04/08/201516:33:02Potash Corp./Saskatchewan Isn't Ready for a Recovery Yet
04/03/201500:41:244 Companies Showing Confidence With Increased Dividends
04/01/201506:11:15Proxy Statement (definitive) (def 14a)
03/31/201507:56:57Mosaic declares annual dividend of $1.10
03/31/201507:10:45Current Report Filing (8-k)
03/31/201506:55:00The Mosaic Company Announces Dividend Increase
03/30/201518:34:41Mosaic Expects Sharp Increase in Potash Tax Payments
03/30/201516:42:49Current Report Filing (8-k)
03/30/201516:15:00The Mosaic Company Announces Impact From Changes To Canadian...
03/24/201510:40:48Current Report Filing (8-k)
03/18/201520:35:24Saskatchewan Taps Potash Producers to Offset Oil Slump Impact
03/13/201516:11:43Current Report Filing (8-k)
03/13/201516:05:00The Mosaic Company Releases Historical Financials Under New Segments

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