** Citigroup raises price targets on agrichemical firms Corteva CTVA.N to $74 from $69 and FMC Corp FMC.N to $61 from $55
** Brokerage says CTVA and FMC have outperformed the broader market, reflective of firming crop prices and fewer concerns on destocking
** Adds that supply and demand dynamics for both corn and soybean have tightened after U.S. Department of Agriculture's World Agricultural Supply and Demand Estimates report produced a constructive data for the agricultural sector going into 2025
** Brokerage sees improvement in farmer incomes as an indicator of future higher spend on high quality seeds and crop protection chemicals
** "While stock-to-use ratios will likely improve in 2024-2025 and 2025-2026, strained U.S.-China trade relations may challenge soybean consumption" - Citigroup
** Brokerage expects Latin American growing season to improve from 2024, with projected La Niña stability until mid-2025 and normal rain levels; LatAm is a large revenue driver for CTVA and FMC
** In 2024, CTVA was up 24% and FMC was down 16%
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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