Speaking last week, President and CEO of Dow AgroSciences Tim Hassinger told the Global Agriculture Conference that commodity prices and currency fluctuations will continue to hurt sales to farmers this year. That view echoes the outlooks of Monsanto and DuPont, according to a report by Bloomberg. Hassinger says industry revenue may contract three to five percent in 2016. Meanwhile, with the weaker farm economy, Monsanto is eliminating 16 percent of its workforce. Last week, Monsanto also said the weaker farm economy may delay the company’s 2019 profit goals.
DuPont said the agriculture sector remains “challenged” as farmer incomes continue to trend down. Weaker farm income has led to the slumping agriculture economy. That has led to industry consolidation as Dow agreed in December to merge with DuPont and form the world’s largest agriculture business.
Source NAFB News service