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Today Mosaic announced fiscal 2010 first quarter earnings. We reported net earnings of $100.6 million or $0.23 per diluted share. These results were impacted by a decline in market selling prices for phosphate as well as a decline in potash sales volumes and selling prices. We maintained a strong financial position, with cash and cash equivalents of $2.6 billion.

Looking ahead, we expect strong demand in calendar 2010 for both phosphate and potash. Phosphate sales volumes are returning to normal levels and gross margin improved from the fourth quarter of fiscal 2009 and is expected to improve further in fiscal 2010. The potash market is still evolving, but even at current low selling volumes our potash segment still generated a healthy gross margin in the first quarter and is poised to generate substantially improved profits when demand fully returns.

Important signs of a global economic recovery have emerged in recent months, including gains in key Asian economies and improved outlooks in developed economies. Despite the deepest global economic downturn since the Great Depression, global grain and oilseed use continued its steady march upward this past year. These conditions provide a favorable environment for increased investments in agriculture, including crop nutrients.

We are managing the company effectively through this challenging environment with attention focused firmly on long-term value creation. Mosaic faces an extraordinary opportunity given long-term agricultural market dynamics, and we have the right people, assets and strategy to drive strong results for our shareholders in the coming years.