The Mosaic Company 8K Results of Operations and Financial Condition | MOS 15 Jan 08

Mosaic’s 2 Quarter Fiscal Year 2008

Earnings and Conference Call

Wednesday, January 9, 2008

Jim Prokopanko, President and CEO

Larry Stranghoener, EVP and CFO

Christine Battist, Director Investor Relations

Exhibit 99.2

January 9, 2008

Safe Harbor Statement

•

Certain

statements

contained

herein

constitute

“forward-looking

statements”

that

term

defined

under

the Private Securities Litigation Reform Act of 1995. Although we believe the assumptions made in

connection with the forward-looking statements are reasonable, they do involve known and unknown risks,

uncertainties and other factors that may cause the actual results, performance or achievements of The

Mosaic Company, or industry results generally, to be materially different from those contemplated or

projected,

forecasted,

estimated

budgeted

(whether

express

implied)

such

statements.

•

These

risks

and

uncertainties

include

but

are

not

limited

the

predictability

fertilizer,

raw

material

and

energy markets subject to competitive market pressures; changes in foreign currency and exchange rates;

international

trade

risks

including,

but

not

limited

to,

changes

policy

foreign

governments;

changes

environmental

and

other

governmental

regulation;

adverse

weather

conditions

affecting

operations

central

Florida or the Gulf Coast of the United States, including potential hurricanes or excess rainfall; actual costs

of closure of the South Pierce, Green Bay and Fort Green facilities differing from management’s current

estimates; accidents involving our operations, including brine inflows at our Esterhazy, Saskatchewan

potash mine as well as potential mine fires, floods, explosions or releases of hazardous or volatile

chemicals, as well as other risks and uncertainties reported from time to time in The Mosaic Company’s

reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in

the forward-looking statements.

•

This presentation may not be distributed, reproduced, or used without the express written consent of The

Mosaic Company.

Mosaic’s 2 Quarter Fiscal Year 2008

Earnings and Conference Call

January 9, 2008

Fiscal 2008:

Financial Guidance

Phosphate

Sales Volume

•8.5 -

9.0 million tonnes

•$90 -

$120 million

•$360 -

$400 million

•$280 -

$300 million

•Low 30%s

•8.6 -

9.1 million tonnes

Potash

Sales Volume

Effective Tax Rate¹

SG&A

Capital Spending

Equity Earnings

Excluding certain discrete items.

Slide 1

Mosaic’s 2 Quarter Fiscal Year 2008

Earnings and Conference Call

January 9, 2008

New Crop Soybean Prices

Daily Close of the CBOT November Futures Contract from July 1 to June 30

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

7/1

7/31

8/30

9/29

10/29

11/28

12/28

1/27

2/26

3/28

4/27

5/27

6/26

MM/DD

$ BU

2004 Nov Contract

2007 Nov Contract

2008 Nov Contract

Source: CBOT

Further increases in 2008 new crop prices bolster

nutrient demand prospects worldwide

The 2008 new crop price of corn has climbed from about

$4.00 per bushel at the time of the last earnings call to

$4.96 at the close of the market yesterday.

The 96 cent per bushel increase translates into additional

revenue of $173 per acre, assuming a yield of 180 bushels

per acre.

The new crop price of corn today is about $1.15 per bushel

greater than the new crop price a year ago.

New Crop Corn Prices

Daily Close of the December CBOT Futures Contract from July 1 to June 30

2.0

2.3

2.5

2.8

3.0

3.3

3.5

3.8

4.0

4.3

4.5

4.8

5.0

7/1

7/31

8/30

9/29

10/29

11/28

12/28

1/27

2/26

3/28

4/27

5/27

6/26

MM/DD

$ BU

2004 Dec Contract

2007 Dec Contract

2008 Dec Contract

Source: CBOT

These charts show the daily closing price of the new crop futures contracts for corn and soybeans from July 1 through June 30 for the 2004 (the last bull

run for reference), 2007 and 2008 crops. These are the price signals most farmers will use to make planting and crop input decisions this spring.

Slide 2

The 2008 new crop price of soybeans has increased more

than $2.30 per bushel since our last earnings call or from

about $9.50 per bushel to $11.81 as of the close yesterday.

China has had a large appetite for oilseed imports this year

and there is growing concern about current crop conditions

in the Southern Hemisphere.

The new crop price of soybeans today

is more than $4.00 per bushel greater

than the new crop price a year ago!

January 9, 2008

Crop nutrients remain affordable!

We estimate that a farmer would have to sell 26 bushels of corn at today’s

2008 new crop price in order to pay for fertilizer purchased at current spot

prices and applied on each acre of corn planted this spring.

To put that in perspective, the per acre cost of fertilizer in bushels of corn

has averaged about 23 bushels during the last five years and ranged from

just 19 bushels in 2003 and 2007 to 30 bushels in 2005.

Slide 3

Crop Nutrient Costs on Corn in Iowa

Bushels of Corn Per Acre

2003

2004

2005

2006

2007

2008

Sources: Iowa State University, USDA and Mosaic

Bu Corn

January 9, 2008

Phosphate and potash fundamentals remain

exceptionally strong

Phosphate Prices

Diammonium Phospahte (DAP) fob Tampa Vessel

100

150

200

250

300

350

400

450

500

550

600

650

$ MT

Source: Fertecon

Potash Prices

Blend Grade c&f Brazil

100

150

200

250

300

350

400

450

$ MT

Source: ICIS

Supply struggles to keep up with galloping demand.

Muriate of potash imports by Brazil, China and India during

the first 11 months of 2007 were up 26%, 46% and 19%,

respectively, from a year earlier!

Extremely low producer stocks at the end of the fall season.

Market prices continue to increase significantly in all major

markets.

Lowest producer inventories in modern history at the end

of the fall season.

Record imports by Brazil and large and steady imports by

India in 2007 with solid prospects for 2008.

Large increases in 2008 market prices for phosphate rock

and phosphoric acid will dramatically boost costs for non-

integrated phosphate producers that account for about

one-third of global phosphate production.

Chinese domestic market appears short phosphate and

lower exports expected this year as planners battle serious

food inflation.

Slide 4

January 9, 2008

Agriculture has an impressive track record of

productivity growth and efficiency gains

Corn Prices - Nominal $

Monthly Average of the Daily Close of CBOT Nearby Futures Contract

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

$ BU

Source: CBOT

Corn Prices - Inflation Adjusted in 2007 $

Monthly Average of the Daily Close of CBOT Nearby Futures Contract

$ BU

Source: CBOT and BLS

Agriculture has a long history of rapid and significant technological innovation and change. The consequence is an impressive track

record

strong

productivity

growth,

large

efficiency

gains

and

declines

real

inflation

adjusted

prices

grains

and

oilseeds

over

time.

are

confident

these

trends

will

continue

order

meet

the

accelerating

demands

for

food,

feed,

fiber

and

fuel.

the

past,

crop nutrients will play a key role in future productivity growth.

Corn provides a good example. The chart on the left shows the nominal (or not adjusted for inflation) price of corn. It has cycled up

and

down

over

time

due

weather,

government

policies

and

other

factors.

However, the real (or adjusted for inflation) price of corn has trended sharply downward over time due to tremendous increases in

productivity.

Slide 5

January 9, 2008

Further productivity growth and efficiency gains to

meet the growing demand for food, feed, fiber and fuel

U.S. Corn Yields

100

110

120

130

140

150

160

170

Bu Acre

Source: USDA

U.S. Nutrient Use Per Bushel of Corn

1.50

1.75

2.00

2.25

2.50

2.75

3.00

3.25

Source: USDA

Nutrient use efficiency has increased dramatically during the

same period. U.S. farmers applied almost 3.0 lbs of nutrient

per bushel of corn in 1970 compared to just more than 1.5

lbs per bushel of corn today.

The future of agriculture looks extremely bright and crop

nutrients no doubt will continue to play a key role in boosting

productivity over time.

Mosaic is well positioned to meet the growing demand for

crop nutrients.

Average U.S. corn yields have trended up from less than 80

bushels per acre in 1970 to more than 150 bushels per acre

today.

Leading seed companies are confident of future increases.

Rob Fraley, Chief Technology Officer at Monsanto, recently

predicted in a Business Week cover story that corn yields

would push 300 bushels per acre by 2030.

Slide 6

Mosaic’s 2 Quarter Fiscal Year 2008

Earnings and Conference Call

The Mosaic Company (MOS) 8-KResults of Operations and Financial Condition