Pity Monsanto, the genetically modified seed and agrichemical giant. Its share price has plunged 25 percent since the spring. Market prices for corn and soybeans are in the dumps, meaning Monsanto’s main customers—farmers who specialize in those crops—have less money to spend on its pricey seeds and flagship herbicide (which recently got named a “probable carcinogen” by the World Health organization, spurring lawsuits).
Monsanto’s CEO hinted that the company may be too invested in high-tech seeds, and underinvested in old-fashioned pesticides.
Monsanto’s long, noisy attempt to buy up rival pesticide giant Syngenta crumbled into dust last month. And Wednesday, Monsanto reported quarterly revenues and profits that sharply underperformed Wall Street expectations. For good measure, it also sharply lowered its profit projections for the year ahead.