Latin America sales increased by 12% as volume increased by 11% while sales prices increased by 2 %, partially offset by a 1% unfavorable currency effect. Crop protection sales increased by 12%, 13% at constant exchange rates, with a volume increase of 11% and a price increase of 2%. Sales in the first quarter were impacted negatively by severe drought in the region, but recovered strongly as high commodity prices, especially in soybeans, led to increased acreage and higher usage of modern crop protection products. The drive to increase sugar cane productivity in the region also contributed to strong growth in herbicide sales.
Seeds sales increased by 17%, 18% at constant exchange rates with volume increasing by 17% and local currency prices increasing by 1% mainly due to increased corn and soybean sales from increased acreage and a strong second season in Brazil, and as well from estimated market share gains.
Additionally the company confirmed a USD50 million investment to build a new processing plant for corn and sunflower seeds in Argentina, confirming its long-term commitment to argentine agriculture.
Crop Protection South America Monthly Report is a monthly publication released by CCM. It offers timely update and close follow up of South America's various kind of crop market dynamics, analyze the market data and trends. Major columns include companies' current dynamics and market situation, a close watch of government policies and regional dynamics.
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