Seed and fertilizer giant DuPont reported falling sales in its agriculture segment, and warned of more challenging times in near term. The company's total earnings beat forecasts, thanks to currency and cost saving effects. DuPont said that the economic situation in agriculture would remain challenging in 2017, with commodity prices under pressure resulting from record yields and crop production.

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The company forecast demand for its seed corn being impacted by dynamics that favour sowing soybeans over the grain, with US sowings of the oilseed this year expected to jump comfortably above 2016's record high. Our order book in North America is tracking with our expectations and is consistent with the expected planted acre shift, DuPont said.

The agriculture industry continues to face challenging conditions as stocks of all major crops, including corn and soybeans, reach record highs, pressuring commodity prices and US net farm income. DuPont's agriculture sales fell 10% year-on-year in the last three months of 2017, to $1.39bn. The currency and cost savings trimmed the operating loss in the segment by $35m, to $19m, over the same period. DuPont's seed sales declined by 23% year-on-year. The company's crop protection sales increased by 9%