Mosaic Company (The)

Thank you. Good morning, ladies and gentlemen, and welcome to the Mosaic Company's third quarter 2020 earnings fireside chat. At this time, all participants have been placed in a listen-only mode. After the company completes their prepared remarks, the lines will be open to take your questions. Your host for today's call is Laura Gagnon, Vice President, Investor Relations of the Mosaic Company. Ms. Gagnon, you may begin.

Thank you, and welcome to our third quarter 2020 earnings call. Presenting today will be Jocko Roark, President and Chief Executive Officer, Clint Freeland, Senior Vice President and Chief Financial Officer, and Rick McClellan, Senior Vice President, Commercial. We will host a prepared question and answer session addressing the questions received last night, followed by a short live Q&A session, time permitting. All of our earnings material We will be making forward-looking statements during this conference call. The statements include but are not limited to statements about future financial and operating results. They are based on management's beliefs and expectations as of today's date and are subject to significant risks and uncertainties. Actual results may differ materially from projected results. Factors that could cause actual results to differ materially from those in the forward-looking statements are included in our press release issued yesterday and in our reports filed with the Securities and Exchange Commission. We will also be presenting certain non-GAAP financial measures. Our third quarter press release and performance data attached as exhibits to yesterday's Form 8K filing, as well as our commentary on the quarter posted to our website, also contain information important on these non-GAAP measures. Now, I'd like to turn the call over to John.

Thanks for joining us today for our Quarter 3 2020 question and answer session. Before we get started, I would like to emphasize our key points from our quarterly earnings report. we are realizing the benefits of our extensive cost transformation work. Gross margin for the quarter was up 27% compared with a year ago, despite essentially flat fertilizer prices. Secondly, agriculture and fertilizer markets around the globe are strong and improving. Phosphate prices are up substantially, while potash prices are stable. We expect global supply and demand to remain tight in all of 2021. And third, our balance sheet continues to strengthen. We have repaid all the short-term debt we borrowed to be prepared for COVID impacts, and the business is generating substantial cash. Now, we'll get to your questions. Laura?