Corteva scaling back expectations as product demand slows down

Agricultural chemical and seed company Corteva has cut its annual sales expectations as demand for its crop protection products showed signs of contraction.

Corteva said it expects net sales between $17.9 billion and $18.2 billion for 2023, below its previous sales forecast of $18.6 billion to $18.9 billion.

The company, spun off in 2019 after a merger of Dow Chemical and Dupont, said its net sales during the second quarter fell 3% to $6.05 billion as it saw a 29% decrease in volume in its crop protection segment.

However, Corteva’s net sales from its seed business rose 8% from a year ago, aided by strong prices and increased corn acres in North America that helped offset volume declines driven by Europe, the Middle East and Asia as well as its Russia-exit.

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