MOS · 8-K · 20260804PR000109

Geographic Market Commentary

MOSAIC CO · 2026-08-04 · Importance 17 · Surprise 24

Demand conditions are uneven across agricultural regions, with Americas buyers becoming more active and India experiencing strong phosphate demand ahead of the Rabi season. North American potash demand remains resilient, supported by tightening inventories and growers’ relative valuation of potash versus other nutrients. Brazil continues to replenish potash inventories, but its domestic fertilizer operations are being curtailed because sulfur is unavailable or unaffordable. Mosaic Fertilizantes’ second-quarter sales volumes declined 32% year over year to 1.5 million tonnes, reflecting both soft Brazilian demand and curtailed domestic production.