August Market Update

Very Low Global Stocks Limited yield growth in recent years has pressured the stocks-to-use metric, which is unlikely to recover in single season MMT 500 450 400 350 300 250 200 00 Source: USDA July 2023 MOSAIC CONFIDENTIAL 02 04 06 08 Grain and Oilseed Stocks World Less China Stocks 10 12 Percent of Use 14 16 INT 18 20 22F Percent 20% 19% 18% 17% 16% 15% 14% Mosaic 4

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