(Bloomberg) -- Shares of Corteva Inc. tumbled the most in almost a year after the seed producer lowered its earnings outlook amid planting woes in South America.
Shares fell as much as 7% to $57.45, the biggest intraday decline since Nov. 9, 2023.
Fewer corn acres were planted in Argentina as plant-stunting disease and dry weather plagued farmers and drove a 21% net-sales decline in Corteva’s seed business, according to a company statement. Corteva trimmed its full 2024 net sales and profit forecast, while stressing that the crop health woes in South America are a temporary issue.
Corteva in September said farming challenges in parts of South America meant the US-based company would probably fall short of an earlier 2024 profit forecast. Along with disease problems, dryness in Argentina recently left farms too parched to sow corn, causing some growers in the region to switch to soybeans.
The stock is still up about 20% since the start of the year.
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