Agriculture and fertilizer stocks grewon average 1.7% this past week, earning a shout out by Jim Cramer on Mad Money on Nov. 17.
The company announced its plans to reduce phosphate production by 500,000 metric tons by the end of the year, or roughly 10% of its annual aggregate phosphate production. The company blames declining levels of fertilizer demand as cause to scale back its production.
On April 4th, Mosaic reported that Q3 revenues were up by 68% versus the same quarter a year ago. The company also handily beat analysts' estimates.
The U.S. Department of Agriculture estimated that the 2007 fall corn harvest would be the second largest ever produced. The acres of corn harvested is estimated to be the highest since 1933. The increased demand for ethanol and corn has had a positive effect on many stocks in the agricultural business.