I was rereading the quarterly and realised that the price of USD 271 refers to medium grade phosphate. And the paragraph before that noted that their phosphate sales were 7% moisture.
Looking back at the significant rain event in March 2023, my opinion now is that they could not dry the rock completely before the delivery and had to take a medium grade price instead of high grade, which means that it should correct this quarter with benchmark price being USD 342.
That's my understanding, but I could be wrong.
CXM Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
