Via WTF News:
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Monsanto said Wednesday that its earnings fell 34 percent in its first fiscal quarter as South American farmers cut back on planting corn, reducing demand for the company’s biotech-enhanced seeds.
U.S. 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. The company said lower corn plantings in the U.S. will likely reduce second quarter results by 5 to 10 percent compared with the prior year.
Monsanto said its business was also affected by reduced cotton planting in Australia and a shift in timing for its chemical business.