Q3: Mosaic and NutrienMosaic Q3 New Release
“In phosphates, China's exports are estimated to be reduced by as much as 5 million tonnes versus 2021,
and current export restrictions are expected to be extended into 2023. Together, the fundamental tightness in global markets for both potash and phosphates is expected to persist well into 2023 and quite likely beyond.”
“Grain and oilseed markets are expected to remain tight through 2022 and 2023. The disruption to Ukraine's agricultural production caused by war, coupled with poor growing conditions in several major growing regions like the Americas, Europe and China, have resulted in lower global agricultural production. This suggests that global stocks-to-use ratios, already projected at 20-year lows, will remain under pressure.”
Nutrien Q3 Conference Call
“global grain stocks to use ratio is projected to decline to the lowest level in more than 25 years. This would mark the sixth consecutive year that stocks have declined. Crop futures have moved higher in recent weeks and are indicative of multi-year strength in the market fundamentals, with corn futures trading above $5 per bushel out to December 2025. Prospective crop margins are well above historical average levels, which provides an incentive for growers to increase acreage and push to maximize yields.”