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Nutrient producer Mosaic said that a 30 percent decrease in phosphate sales drove an 18 percent drop in profits for the quarter. The company pulled in $1.01 per share compared to $1.17 in the same period last year. Analysts were expecting earnings of about $1.15 per share. CEO Jim Prokopanko suggests that there hasn’t been anything “that would cast a cloud over the horizon” in the long run.
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Despite getting a reiterated “buy” from TheStreet Ratings, Potash shares are also suffering on October 2. The company is sensitive to demand in India and China, which are putting off purchase orders for 2012. In the most recent quarter, the company’s earnings per share declined 37.5 percent. There was recently a fire in a Potash Corp. mine in Canada that did not seriously interrupt production.
Meanwhile, Monsanto (NYSE:MON), which beat earnings estimates four out of the five last quarters, is expected to report a loss of 42 cents per share — off an annual EPS of $3.72 — when it releases its earnings on Tuesday. The company was recently given an “outperform” rating by Wells Fargo and an adjusted price target of $104 to $106.
The company has been in the news recently because of a French study suggesting that Monsanto’s genetically engineered corn could be linked to cancer. Russia has temporarily suspended all imports and use of biotech GMO products as a result. A Monsanto spokesman said in a statement that “Russia is a net exporter of grain, so the actual impact of their temporary suspension, if any, is likely to be small.”
The African Centre for Biosafety has also urged the South African government to “take the necessary steps to protect its citizens,” which means banning the controversial corn.
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