NEW YORK (Reuters) – Fertilizer maker Mosaic Co (MOS.N) posted a 91 percent drop in fiscal first-quarter profit on Monday, but expressed optimism that farmers would increase fertilizer purchases in the near future.
Farmers, many of whom had stocked up on fertilizer earlier this year on fears prices would rise even higher, held back on purchases of key nutrients needed for crop production during the quarter that ended August 31.
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