Mosaic Posts Big Declines in Latest Quarter

More narrowly, Mosaic said that inventories have fallen to such a low level that it forecasts a recovery in the crop-nutrient market during its fiscal 2010.

Mosaic gave no specific financial guidance except to say that selling, general and administrative costs will range from $350 million to $370 million for the up-coming 12 months.

Mosaic chief Jim Prokopanko also enthused in the earnings statement, saying, "While near-term uncertainties remain, we have emerged from the market turmoil of the past year as a stronger competitor and are poised to capitalize on the positive trends we foresee in the potash and phosphates markets."

It was hard not to read such proclamations in light of recent reports out of Sao Paolo that the Brazilian mining giant Vale(VALE) had made a $25 billion offer to buy Mosaic -- who, if nothing else, might wish to argue for its financial strength in the wake of a bid that it feels is too low.

Mosaic officials have declined to comment on the Brazilian reports, citing its no-comment stance on rumors.

In after-market action Wednesday, Mosaic shares were trading at $48.00, down 42 cents from the regular session close.

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