May 2023 – Market Update

Solid Agricultural Fundamentals: Supply Slow down in yield growth in recent years has pushed our stocks-to-use ratio metric below 15%, a 25-year low and unlikely to recover in a single season. Mil Tonnes 500 475 450 425 400 375 350 325 300 275 250 225 200 00 02 04 Source: USDA April 2023 MOSAIC CONFIDENTIAL Grain and Oilseed Stocks World Less China 08 Stocks 06 10 12 14 16 18 Percent of Use Percent 22% 21% 20 22F 20% 19% 18% 17% 16% 15% 14% 13% 12% Index 2000 100 140 130 120 110 100 90 Yield (CAGR) 00 02 04 Grain and Oilseed Yield World Less China 06 08 1.7% 2000-2016 10 12 14 16 0.1% 2016-2022 18 20 22F Mosaic C

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