Monsanto Cuts Profit Forecast on Herbicide Price Decline
- Sees `additional headwinds' from delay to dicamba approval
- Also cites weaker foreign currencies, including Argentine peso
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Monsanto Co., the world’s largest seed producer, cut its full-year profit forecast as lower prices for its glyphosate herbicide and a devalued Argentine peso add to the pressures from weaker agricultural markets.
The St. Louis-based company now sees profit excluding one-time items of $4.40 to $5.10 a share, it said Wednesday in a statement, compared with a January prediction of $5.10 to $5.60. The shares fell 4.3 percent to $88.48 at 9:31 a.m. in New York.