Josh Linville

And they're saying, I think if I go soil test right now, it's going to show a large amount of phosphate in that soil. I can cut back. Or, even if I can't cut back, there's nobody holding a gun to my head right now that says I have to put it on this fall. Maybe I just drag my feet until spring. Maybe something comes out of it better suited than where we are today.

And they're saying, I think if I go soil test right now, it's going to show a large amount of phosphate in that soil. I can cut back. Or, even if I can't cut back, there's nobody holding a gun to my head right now that says I have to put it on this fall. Maybe I just drag my feet until spring. Maybe something comes out of it better suited than where we are today.

And they're saying, I think if I go soil test right now, it's going to show a large amount of phosphate in that soil. I can cut back. Or, even if I can't cut back, there's nobody holding a gun to my head right now that says I have to put it on this fall. Maybe I just drag my feet until spring. Maybe something comes out of it better suited than where we are today.

Unfortunately, there's a couple global events. one being India, the other one being China, that spooked me that we haven't seen the worst yet.

Unfortunately, there's a couple global events. one being India, the other one being China, that spooked me that we haven't seen the worst yet.

Unfortunately, there's a couple global events. one being India, the other one being China, that spooked me that we haven't seen the worst yet.

Talk more about that. On the China side, similar to urea, now not quite to the extent of urea, but kind of like urea, they have been scaling back these exports. They're still letting some stuff go, but it's not near to the extent, not near to the levels that they would historically do. And China, historically speaking, is the largest phosphate producer and exporter in the world.

Talk more about that. On the China side, similar to urea, now not quite to the extent of urea, but kind of like urea, they have been scaling back these exports. They're still letting some stuff go, but it's not near to the extent, not near to the levels that they would historically do. And China, historically speaking, is the largest phosphate producer and exporter in the world.

Talk more about that. On the China side, similar to urea, now not quite to the extent of urea, but kind of like urea, they have been scaling back these exports. They're still letting some stuff go, but it's not near to the extent, not near to the levels that they would historically do. And China, historically speaking, is the largest phosphate producer and exporter in the world.

So when your biggest exporter starts slowing down, restricting those exports, you're going to feel it on the supply side of the S&D. The flip side is India. India is your world's largest buyer, not consumer, but buyer of phosphate. Now, if you remember back in 21, I think it was, Indian farmers started to like riot.

So when your biggest exporter starts slowing down, restricting those exports, you're going to feel it on the supply side of the S&D. The flip side is India. India is your world's largest buyer, not consumer, but buyer of phosphate. Now, if you remember back in 21, I think it was, Indian farmers started to like riot.

So when your biggest exporter starts slowing down, restricting those exports, you're going to feel it on the supply side of the S&D. The flip side is India. India is your world's largest buyer, not consumer, but buyer of phosphate. Now, if you remember back in 21, I think it was, Indian farmers started to like riot.

You know, ransacked retail locations lost their mind because phosphate inventory levels dropped down to the lower 1 million ton range. Indian farmers don't truly see world replacement like the rest that we do. They have a flat price.

You know, ransacked retail locations lost their mind because phosphate inventory levels dropped down to the lower 1 million ton range. Indian farmers don't truly see world replacement like the rest that we do. They have a flat price.

You know, ransacked retail locations lost their mind because phosphate inventory levels dropped down to the lower 1 million ton range. Indian farmers don't truly see world replacement like the rest that we do. They have a flat price.

The importers have to buy the market price, and the government creates a subsidy to help fill in that gap so that they can bring in the product, blow it out to the farmers. The government subsidy has not been big enough to allow them to bring that product in and lose money. And who's going to buy tons just to go lose money and ship to the farmers?

The importers have to buy the market price, and the government creates a subsidy to help fill in that gap so that they can bring in the product, blow it out to the farmers. The government subsidy has not been big enough to allow them to bring that product in and lose money. And who's going to buy tons just to go lose money and ship to the farmers?

The importers have to buy the market price, and the government creates a subsidy to help fill in that gap so that they can bring in the product, blow it out to the farmers. The government subsidy has not been big enough to allow them to bring that product in and lose money. And who's going to buy tons just to go lose money and ship to the farmers?

Their inventory levels July, August is believed to have gotten down to about 1.5 million tons when it would normally be about 4 million.

Their inventory levels July, August is believed to have gotten down to about 1.5 million tons when it would normally be about 4 million.