July 30 (Reuters) - U.S. agriscience company Corteva on Thursday raised its forecast for full-year adjusted profit, based on strong demand across key crop markets.
The acreage shift toward soybeans and away from corn is expected to support demand for seed traits, as farmers adjust planting decisions in response to higher input costs and tighter margins.
The company is among the largest crop-protection product makers in the United States, competing with the likes of Swiss-based group Syngenta and German
firms BASF and Bayer in the agricultural chemicals sector.
However, Corteva's shares fell 3.7% in extended trading as revenue for the second quarter fell short of analysts' estimate.
Crop prices were mixed in the reported quarter, with gains in soybean and corn offset by weak wheat prices amid ample supplies, keeping farm incomes under pressure and farmers cautious on spending.
The shift may weigh on volumes and margins for companies like Corteva in the third quarter, as fewer corn acres curb demand for chemical-intensive crop protection products, while elevated fertilizer and fuel costs limit farm spending.
During the second quarter, net sales in Corteva's seeds segment was flat at $4.53 billion, while the crop protection segment net sales were down 4% at $1.85 billion.
The U.S. Department of Agriculture said in June that U.S. farmers planted fewer acres of corn and more soybeans in 2026, reflecting weaker returns for fertilizer-intensive crops amid elevated input costs.
The company reported quarterly revenue of $6.38 billion missing estimates of $6.58 billion.
The company now expects full-year 2026 adjusted earnings between $3.60 to $3.80 per share, up from a prior view of $3.45-$3.70 per share.
The company expects full-year operating EBITDA of $4.1 billion to $4.3 billion, the mid-point of which is slightly above analysts' average estimate of about $4.18 billion, according to data compiled by LSEG.
(Reporting by Varun Sahay in Bengaluru; Editing by Shailesh Kuber)
