Bayer AG’s takeover of Monsanto has been beset by problems, and now a decades-long dominance of the $4 billion U.S. soybean seed market is under threat from rival Corteva Inc.
Bayer told Reuters it expects plantings of its genetically modified Xtend soybean seeds to flatline this year for the first time, after three years of strong growth since their launch with an accompanying weed-killer. It projects plantings in 2020 will stay at about 50 million acres, which was 66% of the American crop last year.
Meanwhile Corteva, formed last year from the agricultural units of Dow Chemical and DuPont, expects its Enlist E3 seed to make up 20% of the U.S. crop in 2020, the first year it has been widely available.
