Moses (NYSE: MOS) said Tuesday that it has temporarily reduced production at its Colonsay potash mine in Saskatchewan, which the company said “reflects temporary trends and not the fundamentals of the agricultural market.”
Moses said the Colonsay hat they have been operating at a run rate of 1.3M metric tons/year with plans to increase annual production to 1.8M-2M tons by the end of 2023 following the restart of the mine’s second mill.
Due to a slower-than-expected return in H2 2022, Mosaic ( MOS ) said inventory levels are sufficient to meet the remaining shortfall.
Crop prices remain strong and continue to support a healthy economy, the company said.
Potash and phosphate prices have continued to rise, but “the fertilizer industry is very cheap and worth considering,” says Michael Wiggins de Oliveira in an analysis published on Seeking Alpha.