Trump Tariffs Squeezing US Fertilizer Flows, Warns Industry Giant Mosaic After Q2 Miss Sends Stock Sliding

The company said that phosphate imports in North America are “tracking well below last year” as tariffs are applied to most exporting markets.

Mosaic (MOS), one of the world’s biggest fertilizer producers, said on Tuesday that President Donald Trump’s tariffs are hurting shipments of crop nutrients coming into the U.S.

The company said that phosphate imports in North America are “tracking well below last year” as tariffs are applied to most exporting markets. It also noted that other parts of the world are absorbing the production from non-U.S. producers.

This comes at a time when North American phosphate inventories were running low after a strong drawdown in spring, it said. The prices of the fertilizer also ticked up this year, amid a 50% decline in exports from top producer China in the first half.

The Tampa, Florida-based company also noted that global trade uncertainty and anticipation of large harvests have pressured the corn and soybean markets; however, grower economics “remain constructive” across much of the world.

The company also posted second-quarter adjusted earnings of $0.51 per share, which fell short of Wall Street’s expectations of $0.71 per share, according to Fiscal.ai data. Its net sales of $3 billion also came in below estimates of $3.12 billion.

Retail sentiment on Stocktwits about Mosaic was still in the ‘bullish’ territory at the time of writing.

Its phosphate segment sales remained flat at $1.2 billion compared to the same period a year earlier. It also posted an operating loss of $8 million for the segment, hurt by lower sales volumes due to extensive maintenance that offset the rise in prices. Shares of the company slipped 6.8% in extended trading.

Mosaic projected a rise in phosphate sales in the third quarter, as it wrapped up most of the maintenance turnarounds during the second quarter.

Its potash sales increased 7.1% to $711 million, driven by rising demand for potash amid global supply constraints. Potash exports to the U.S. from Canada, the top producer of the crop nutrient, were exempt from Trump tariffs due to the U.S.-Mexico-Canada Agreement.

“Any demand deferral or reduction exiting 2025 sets the stage for strong demand in 2026, as nutrients removed from this year’s crops need to be replenished,” the company said.

Mosaic stock has gained 44% this year.

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