MOS · 10-Q · 2026Q3 · Full report

Geopolitical Fertilizer Supply Constraints

MOSAIC CO · 2026-11-04 · Importance 89 · Surprise 82

Geopolitical disruptions and attacks on Russian and Ukrainian commodity assets restricted fertilizer and raw-material exports, tightening global supplies of sulfur and ammonia. North American consumed sulfur prices rose 163% year over year to $715 per long ton in the third quarter; Brazilian consumed sulfur prices rose to $723 per long ton from $325. Limited sulfur availability reduced phosphate output and led Mosaic to curtail production at facilities in North America and Brazil. Higher sulfur and ammonia costs also affected Mosaic’s Brazilian operations and constrained production there.

Key facts

• In 2026, the Middle East conflict and attacks on Russian and Ukraine commodities industrial assets restricted fertilizer, sulfur, and ammonia exports, tightening global supplies and raising input costs. source
• Mosaic Fertilizantes inventory volumes decreased due to seasonality and recent production curtailments caused by a lack of sulfur availability. source
• The Company identifies the Russia-Ukraine conflict, related sanctions and government actions as risks to global markets, supply chains, and the pricing and availability of key inputs, raw materials and commodities. source
• The Company identifies geopolitical instability and escalating tensions involving Iran as risks that could disrupt global shipping routes and trade flows, particularly through the Strait of Hormuz. source
• The Company identifies potential U.S. tariffs and retaliatory tariffs as risks to raw-material and commodity prices and other economic conditions. source