Mosaic shares drop 6% after lowering Q2 phosphate sales volumes

The Mosaic (MOS) Company announced it revised its second quarter and 2025 outlook. Phosphate price guidance moves higher: DAP prices on an FOB basis are expected to be in the $650 to $670 per tonne range in the second quarter, revised up from $635-$655 in the previous guidance, reflecting strong market conditions. Potash prices are expected to be stable: Mine-gate MOP prices are expected to be in the range of $230 to $250 per tonne in the second quarter, unchanged from the previous guidance. Phosphate sales volumes for the second quarter of 2025 are expected to be 1.5-1.6 million tonnes, revised down from 1.7-1.9 million tonnes. 2025 full year production volume is now expected to be 7.0-7.3 million tonnes, revised down from 7.2-7.6 million tonnes. In potash, second quarter sales volumes are expected to be 2.3-2.5 million tonnes, unchanged from the previous guidance. Full year 2025 production volumes guidance remains unchanged at 9.0-9.4 million tonnes. The outlook for Mosaic Fertilizantes remains solid, and second quarter performance is expected to be significantly better than the first quarter on rising prices, seasonally stronger distribution margins, continued operating efficiency gains, and foreign exchange tailwinds. Mosaic shares are down 6% in premarket trading.