(Bloomberg) -- After conquering the US market with its weedkiller technology for soybeans, Corteva Inc. has its sights on the nation that produces more of the oilseed than anywhere else. 

The agribusiness company is targeting Brazil for its next stage of growth, Chief Executive Officer Chuck Magro said in an interview at Bloomberg’s New York office.

Corteva, the agricultural chemical and seed company spun off from DowDuPont five years ago, wants to repeat in Brazil what it did in the US with its seed and herbicide technology used for soybeans. The system launched in 2019 with tiny US market share. Now, it’s expected to make up 65% of American soybean acres this year and next, according to the company.

“We don’t see any reason why we couldn’t have 20% or 30%” of Brazil’s soybean acres by the end of the decade, Magro said in an interview at Bloomberg’s New York office.

The soy system, known as Enlist E3 in the US and Conkesta E3 in Brazil, first captured more than 50% of key parts in the US soy belt in 2022. It currently has negligible market share in Brazil. 

The company will also run up against challenges in Brazil, where farmer finances have come under pressure. Bankruptcy filings in the nation’s agriculture sector have climbed from a year ago, and soy producers have been hit hard by a retreat in prices for the commodity. 

Corteva’s Enlist E3 competes with Bayer AG’s glyphosate Roundup product for the billions of dollars spent annually by farmers to fight weeds. 

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