Lagging sales of glyphosate herbicide are dragging down Bayer’s crop business and overall earnings, the company said Tuesday.
Sales for Bayer’s Crop Science division fell by 18.5% in the latest quarter, largely driven by lower volumes and prices for glyphosate products, according to the company’s quarterly earnings report. Bayer attributed the decline in glyphosate volumes to dry weather and to retailers removing the herbicide from stocks.
The decline in the glyphosate business offset gains in Bayer’s corn seed business due to higher prices and increased corn acreage in North America.
Don't miss a beat sign up for a FREE month of Agri-Pulse news! The latest on what’s happening in Washington, D.C. and around the country in agriculture, just click here.
Despite historically strong commodity prices, Bayer said it now expects its seed and crop protection business to contract by 2% this year due to the fall-off in glyphosate revenue. Bayer previously estimated its ag business would grow by 3% this year, compared to the division’s 12% growth in 2022.
Last month, Bayer said a news report claiming the company was trying to spin off the Crop Science division was “based purely on speculation.” Crop Science sales were down 1.1% in the first quarter of the year.
For more news, go to Agri-Pulse.com.
