Prices of corn, wheat, and other agricultural commodities have been soaring. Yet some agricultural stocks have not been keeping pace. That’s created a buying opportunity in shares of companies like Corteva and FMC.
You wouldn’t know it from recent trading. Corteva and FMC , makers of crop inputs like pesticides, herbicides and seeds, reported earnings this past week. Corteva shares fell 4.2% the day it reported, while FMC dropped 3.6%. The earnings were fine—both companies beat—but neither company materially boosted full-year earnings guidance even though crop prices are up. That was a disappointment.
This time may be different. Supply is growing. But there is a new source of demand. China is importing vast amounts of corn, some 32 million metric tons in 2020 and 2021, almost as much as the country imported during the previous 20 years.
Boo
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