Salem Radio Network News Sunday, January 16, 2022

Business

Bayer sees no guidance hit from hurricane, planting trends

BERLIN (Reuters) – Bayer sees no impact on its full-year guidance from customers’ changing planting habits or a five-week shutdown at its main glyphosate production site in Louisiana after Hurricane Ida, the German life science group said on Tuesday.

“We lost five weeks of production. This will, of course, involve some cost that will have an impact on sales, but nothing to any degree that would impact our full year guidance for this year,” Liam Condon, president of Bayer’s agricultural unit, told investors during an online event.

Asked if rising crop protection prices may push some customers to shift to soybeans from corn, Condon said he would see any changes as seasonal fluctuations rather than anything that could affect the unit’s outlook.

“Most farmers have a fixed rotation between corn and soybeans. They usually look at what they what they had in the past season and aim to rotate to keep the soil fertile,” he said.

(Reporting by Zuzanna Szymanska, editing by Emma Thomasson)

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