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Mosaic formed in 2004 following the merger of IMC Global and Cargill’s crop nutrition division, two major players in mining and food. The company produces potash and phosphate fertilizers, key inputs for agricultural products. Since September 2020, increased demand from farmers along with international supply constraints sent prices for phosphate and potash up 100% and 134%, respectively, according to the American Farm Bureau Federation. Meanwhile, shares of MOS have risen more than 40% in the past year, and North American fertilizer producers posted their best gains in years. This November, Mosaic’s total volume sold decreased, but sales revenue for phosphate and potash grew 49% and 67%, respectively, underscoring the robust impact of inflated prices. Aside from high prices cushioning top-line growth, “the company has embarked on several transformation initiatives in the past several years that have resulted in improved operational efficiency, lower costs, and rising cash flow,” says RBC analyst Andrew Wong.