The company said, “Phosphate pricing decreased seasonally in Q4 2024 following a rebound that began with an early summer reset. Domestic MAP prices have moved off highs achieved during the second half of the year, while DAP prices have remained relatively firm, bringing the products close to parity. Global phosphate prices have remained consistent since the middle of 2024. Crop fundamentals have improved over the past quarter. The USDA reduced its estimates for ending stocks for corn and soybeans based on lower yields and total production. Global inventories of grains and oilseeds outside of China are expected to decrease over the course of the current crop year, resulting in a declining stock to use ratio that is projected to fall near a 20-year low. Moving forward, the Company expects relatively flat phosphate pricing through 2025, with risk to the upside supported by the following factors: low inventory levels in the North American market and continued strength in global demand; ongoing export restrictions from China; improving affordability metrics driven by higher grain and oilseed prices; and no significant adjustments in global trade flows, particularly to the North American market.”