UPDATE 1-Fertilizer producer Mosaic profit misses on weather woes

(Compares with estimates, adds profit forecast, details from the release)

Aug 6 (Reuters) - Mosaic Co cut its full-year earnings forecast for the second time and posted a lower-than-expected profit, as rains and flooding in the United States hit the U.S. fertilizer company's volumes and phosphates margins.

The company now expects adjusted profit between $1.10 and $1.50, from $1.50 to $2.00.

Severe flooding in the U.S. farm belt across Iowa, Nebraska, South Dakota and several other states delayed spring farming and has hit agricultural companies like Mosaic, which sell fertilizers directly to farmers.

The U.S. agriculture industry is already grappling with the trade war between Washington and Beijing, which cut shipments of American farm products to China and pushed down crop prices. Crop prices are a major factor in spending on fertilizer and other supplies.

"We've experienced a North American spring season that was wetter and later than any in recorded history," Mosaic Chief Executive Officer Joc O'Rourke said, adding that weakness in the phosphates market negatively impacted the results.

Mosaic said potash volumes fell 8.3% to 2.2 million tonnes in the second quarter.

Excluding items, the company earned 12 cents per share, falling short of analysts' expectations of 29 cents per share, according to IBES data from Refinitiv. The company posted net loss of $233.1 million, or 60 cents per share, in the second quarter ended June 30, compared to a profit of $67.9 million, or 18 cents per share, a year earlier. Mosaic was hit by a charge in the reported quarter, related to the closure of Plant City phosphates manufacturing facility in Hillsborough County, Florida.

Mosaic net sales fell 1.3% to $2.18 billion. (Reporting by Shanti S Nair in Bengaluru; Editing by Shailesh Kuber)