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Wheatley, Arkansas | The word our local co-op manager was given was that Mosaic, the fertilize manufacturer, has raised the price of each run of product they make. The product is sold immediately so they will continue going up until they make product and can't sell it. Fertilize is now in demand globally, if the US farmers don't buy it other countries with a better currency exchange are more than willing to take it.
Here is a news story about Mosaic, I don't like the price increases but it sounds like a perfect example of capitalism along with supply and demand.
I think this report is a year old too.
Mosaic profits up by almost 6 times
STAFF AND WIRE REPORTS
PLYMOUTH, MINN. — Mosaic Co., the phosphate miner that has run into opposition from residents and governments around Southwest Florida, said that its fiscal second-quarter profit soared nearly sixfold, helped by a tax benefit and increased phosphate and potash selling prices.
PHOSPHATE MINER
Mosaic Co.'s fiscal
second quarter:
2007 fiscal second quarter profits: $394 million
Per share: 89 cents
Revenue: $2.2 billion
2006 fiscal second quarter profits: $65.9 million
Per share: 15 cents
Revenue: $1.52 billion
The company reported profits for the period ended Nov. 30 jumped to $394 million, or 89 cents per share, compared with $65.9 million, or 15 cents, a year ago.
Quarterly revenue surged 45 percent to $2.2 billion from $1.52 billion in the previous year.
Analysts expected second-quarter earnings of 73 cents on sales of $2.17 billion.
Sales at Mosaic's phosphates unit rose to $1.2 billion from $763.9 million, while potash revenue increased to $431.6 million from $352.1 million.
Offshore revenue grew to $644.3 million from $499.9 million.
The company said the average diammonium phosphate price for the quarter was $417 per ton, up $174 from the year-ago period.
The average potash selling price was $171 per ton, a $29 increase from the prior year.
Potash is a form of potassium used mostly in agriculture to fertilize crops and other plants.
The quarter also included a $35.9 million, or 8 cents per share, tax benefit.
Mosaic said it expects phosphate and potash prices will continue to rise in 2008. The company expects a third-quarter realized diammonium phosphate price of $470 to $480 a ton, but warned that diammonium phosphate costs will likely be higher because of rising sulfur costs.
The company predicts an average realized potash price of $190 to $200 per ton for the quarter.
Shares of Mosaic, which trades on the New York Stock Exchange, were selling for $89 at the close of regular trading on Wednesday, up 63 cents.
Information from the Associated Press was used in this report.
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- Am I cheap ? - palex : 3/14/2008 20:33
- I prefer being called - Kooiker : 3/14/2008 20:41
- RE: Am I cheap ? - Indianajones : 3/14/2008 21:14
- RE: Am I cheap ? - bulldog : 3/14/2008 21:16
- Re: Am I cheap ? - JK SCLA : 3/14/2008 21:21
- Perspective - mennoboy : 3/14/2008 22:19
- How do you get a farmer to spend $100???? - wheaties : 3/14/2008 22:44
- Somebody correct me if I'm wrong please, - Fla Veggie Farmer : 3/15/2008 23:21
- Response to fertilize,,,,,,,,,,,,,,,,,,, - eddiedry : 3/15/2008 23:37
- Mosaic Co - Fla Veggie Farmer : 3/15/2008 23:46
- Mosaic - John Burns : 3/16/2008 14:55
- RE: Somebody correct me if I'm wrong please, - plowboy : 3/16/2008 10:53
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Am I cheap ?
