Bank of America said that after touring Mosaic's assets in Brazil last week and are more "comfortable" with the "uncertainty." Mosaic is the largest U.S. producer of potash and phosphate fertilizer.

"Mosaic shares are down by a third in the last 4 months (vs. the S&P500 up 4% in this period) due to a combination of 2Q earnings risks from an unprecedented wet US spring, uncertainty associated with Brazilian tailings dams, and a weaker pricing outlook for phosphate and potash (P and K). All fertilizer suppliers will likely be affected by the wet US spring, yet CF Industries (CF) and Nutrien (NTR) shares are flat over 4 months, and demand for nutrients could rebound in 4Q with rising corn prices. Regarding the dam risks, we toured Mosaic's assets in Brazil last week and have not only come away comfortable with the uncertainty, but are also more constructive on the long-term outlook for Fertilizantes."