(Guardian) Monsanto said Wednesday its earnings fell 34% in its first fiscal quarter, as South American farmers cut back on planting corn, reducing demand for the company’s biotech-enhanced seeds.
US farmers harvested record crops of soybeans and corn last year, sending prices on those food staples to their lowest levels in years. That has resulted in farmers in South America and elsewhere reducing the number of acres they dedicate to corn. Monsanto said its business was also affected by reduced cotton planting in Australia.
The agriculture products company’s revenue fell more than 8% to $2.87bn in the period, on lower sales of corn seeds and herbicide. Analysts expected $2.96bn, according to Zacks.
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