AABP EP Awards 728x90

Corteva signals hit from delayed planting in Brazil, slowing China

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Reuters: Corteva Inc. said today that demand for grains and oilseeds could be hit by a delayed soybean planting in Brazil and cooling growth in China and emerging economies, sending its shares down 8%. Persistent dry weather has pushed out soybean planting and the use of crop protection products in Brazil, the world’s top exporter of the oilseed, while purchases by top buyer China have been erratic due to Beijing’s trade war with Washington, which has also hit growth at the world’s second-largest economy. The downbeat outlook overshadowed a smaller-than-expected third-quarter loss that was fueled by higher U.S. seed sales after historic floods in the Midwest delayed the spring planting season. Net loss attributable to Corteva fell to $494 million, or 66 cents per share, in the third quarter ended Sept. 30, from $5.12 billion, or $6.83 per share. The year-earlier period included a $4.5 billion goodwill impairment charge. Corteva, with extensive operations in Johnston, is the parent company of Pioneer seed.