* Stock up 2.2 percent in early trading
* Fiscal Q2 adj EPS beat Street by 10 cts/shr
* CEO says confident in fiscal Q3 DAP price forecast
By Ernest Scheyder
NEW YORK, Jan 5 (Reuters) - Strong quarterly profit from Mosaic Co (MOS.N) boosted the fertilizer producer’s shares on Wednesday, as investors continued to pile into the stock ahead of an expected strong spring planting season.
The stock rose $1.64, or 2.2 percent, to $76.64, continuing a march begun in 2010 when shares rose about 28 percent.
Mosaic posted a better-than-expected quarterly profit after the closing bell on Tuesday, helped largely by strong U.S. crop prices.
Jim Prokopanko, Mosaic’s chief executive, told Reuters he expects prices to move higher still in 2011. [ID:nN04219960]
“It’s a tight supply and demand equation,” Prokopanko said.
Mosaic expects to sell its popular diammonium phosphate fertilizer, or DAP, at $510 to $540 per tonne in the fiscal third quarter. That is sharply above the year-ago period, when the company sold the same product for an average of $336 per tonne.
Prokopanko said he’s confident Mosaic can achieve the higher price, mostly because much of the fiscal third-quarter stock has been sold.
“We’re pretty sure what we’re forecasting,” he said.
Elsewhere in the fertilizer sector, shares of CF Industries (CF.N) fell 1.3 percent to $133.65, shares of Agrium (AGU.TO) rose 0.8 percent to $91.42 and shares of Potash Corp (POT.TO) rose 1.1 percent to $158.42.
Agribusiness giant Cargill [CARG.UL] owns roughly 64 percent of Mosaic’s stock. (Reporting by Ernest Scheyder, editing by Dave Zimmerman)