MOS · 10-Q · 2026Q2 · Full report

Geopolitical Fertilizer Supply Constraints

MOSAIC CO · 2026-08-05 · Importance 83 · Surprise 82

Geopolitical disruptions restricted fertilizer and raw-material exports, particularly sulfur and ammonia, tightening global supplies and raising input costs. North American consumed sulfur prices increased 150% year over year to $522 per long ton in the second quarter, while ammonia prices rose 40% to $621 per tonne. Brazilian sulfur and ammonia prices also increased sharply, reaching $516 per long ton and $815 per tonne, respectively. Limited sulfur availability reduced Phosphate production and caused curtailments at North American and Brazilian facilities, while higher raw-material costs materially offset pricing benefits.

Key facts

• Because of political and economic instability, civil unrest or changes in government policies in Brazil, Peru, Paraguay or other countries in which we do business, our operations could be disrupted as higher costs of doing business could result, including those associated with implementation of new freight tables and new mining legislation. source
• The ongoing conflict between Russia and Ukraine, related sanctions and other governmental actions, may affect global markets, supply chains, and the pricing and availability of key inputs, raw materials and commodities. source
• Geopolitical instability and escalating tensions involving Iran could cause disruptions to global shipping routes and trade flows, particularly through the Strait of Hormuz. source
• Potential changes in trade policies, including the impact of U.S. tariffs and retaliatory tariffs, could affect prices of raw materials and commodities and other economic conditions. source