(Reuters) — Corteva Inc. has forecast its 2022 sales to come in above market expectations, crediting strong demand and higher prices.
U.S. farmers are pre-buying seeds and chemicals in a bid to secure supplies for spring, amid rising prices due to labour issues, tightened global supplies of fertilizers and chemicals and surging demand.
Sales of the company’s crop-protection products rose six percent in the final quarter of last year led by its herbicides, Enlist and Arylex, and Isoclast insecticide, while strong demand for corn in Latin America and higher volumes boosted its seed segment sales by 12 percent, the company reported Feb. 2.
“Global agriculture fundamentals remain strong going into 2022, and we expect demand across the industry to remain resilient despite other macro challenges,” chief executive officer Chuck Magro said.
