Mosaic mines and produces potash and phosphate, two of the three primary crop nutrients. Its mines in Saskatchewan and phosphate operations in Florida feed farmers worldwide, with a large distribution business in Brazil serving one of agriculture's fastest-growing regions. Fertilizer prices swing with grain markets, energy costs and geopolitics, so earnings are deeply cyclical. What endures is the demand logic: more people eating better diets on limited farmland requires replenishing soil nutrients season after season.