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Analyst
David Symonds
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q2 (6 quarters; questions recorded in 5).
- Questions
- 7on tracked calls
- Challenge rate
- 43%3 of 7 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 7 of 7 questions from 2 companies
MOSMosaic Company (The)5 questions · 5 reporting periods · 2 of 5 challenging
Calendar 2026 Q2
does that include the internal buying of Faustina and the kind of advantaged supply there
Show response
Bodine confirmed the Q3 ammonia guidance includes Louisiana Faustina tonnes; the majority of supply is internal gas-based or gas-tied contracts with some spot exposure flowing through COGS.
Calendar 2025 Q4
can you just confirm if you did 7 million tonnes of phosphate production, how much of that is -- or how much of your ammonia requirement is served by Faustina in 2026
Show response
Bodine confirmed Faustina upgrades delivering up to 50% more ammonia production, serving 35-40% of portfolio versus much less previously. Enough to ship surplus into Florida system, reducing spot market exposure. Luciano clarified no sulfur inventory revaluation gains in EBITDA, North American inventory recorded at production cost. Brazil inventory at purchased cost which rises with prices but no mark-to-market gains.
Calendar 2025 Q3
Is there a risk that, that goes further with very weak farmer economics, making it harder to pass through some of these prices in DAP
Show response
Bodine acknowledged stripping margins declining from high-$500s to potentially low $400s or upper $300s due to higher sulfur (Russian export restrictions) and ammonia costs. Still historically healthy. Wang noted sulfur price ultimately linked to phosphate demand, if phosphate prices weaken, sulfur follows with a lag. Russian refinery attacks contributing to sulfur tightness.
Calendar 2025 Q2
if I back out the implied specialties price from the phosphate division, then it looks like the price realization was quite low for phosphate specialties
Show response
Bodine deferred the specialty pricing calculation offline due to complexity of feed products and mix effects. On Brazil, Wang described significantly slower soybean summer season with 20% purchased versus normal 5% at this point. Luciano framed credit tightness as driving consolidation from small to large farmers, with planted area still growing as large operations absorb struggling smaller ones.
Calendar 2025 Q1
if I look at market prices and then look at the range that you're stating, it looks like you could be being conservative there
Show response
Wang confirmed April realized DAP prices exceeded the high end of guidance range with further upside expected for remaining Q2 tons. No meaningful summer price reset anticipated. Luciano attributed higher absolute costs to fixed cost absorption from lower production plus some non-recurring maintenance. Conversion cost target of $95-$100 expected in H2.
CFCF Industries2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2026 Q2
Is your view that they can start to export more than the 4 to 6 million tonnes you expect this year
Show response
Frost said China has the capability to export more but its government prioritizes cheap domestic supply for its own farmers via export quotas, keeping exports around 4 to 6 million tons near-term.
Calendar 2025 Q4
I just wanted to ask on your assumption of a 4 million to 6 million tonne export quota from China in 2026. That's pretty much flat year-on-year versus what they did in 2025
Show response
Bert argued China's export behavior has fundamentally changed from 2015-17 heyday, recognizing economic and political benefit of keeping product domestic is limited. At 80% utilization, China has limited export capacity. Acknowledged analyst's 6-7M estimate is possible but characterized CF's 4-6M range as appropriately conservative given historical run rates.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| MOS Mosaic Company (The) | 5 | 40%2 of 5 questions |
| CF CF Industries | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 1 | 100%1 of 1 question | 1 |
| 2025 Q3 | 1 | 100%1 of 1 question | 1 |
| 2025 Q4 | 2 | 50%1 of 2 questions | 2 |
| 2026 Q1 | No questions recorded | — | — |
| 2026 Q2 | 2 | 0%none of 2 questions | 2 |
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q21 question · challenge rate 100% (1 of 1 question) · 1 company
- 2025 Q31 question · challenge rate 100% (1 of 1 question) · 1 company
- 2025 Q42 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2026 Q1No questions recorded
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Supply Chain4
- Cost Pressure4
- Pricing3
- Trade Tariffs1
- Competitive Dynamics1
- Demand1