Monsanto says the current farm economy slump threatens the company’s long-term profit targets. CEO Hugh Grant says the targets may need to be pushed back to early in the next decade amid weak agricultural markets. Farm income is dropping for the third straight year, according to a recent projection by USDA. Bloomberg reports Monsanto’s long-term target has been to double earnings per share from 2014 through 2019. Weaker currencies are hurting foreign market revenues while U.S. agricultural commodity prices have reduced profits for farmers, forcing them to cut spending. Monsanto also cited "additional headwinds" from a delay in the U.S. Environmental Protection Agency’s approval of dicamba herbicide for use on crops as part of Monsanto’s Roundup Ready Xtend system. Meanwhile, the company has lowered prices for its seeds amid "aggressive" discounts for U.S. farmers by its main competitor, DuPont.
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