Dow AgroSciences LLC, a wholly-owned subsidiary of The Dow Chemical Company (DOW - Analyst Report) , and MS Technologies LLC have received approval for Enlist E3 soybeans from Canadian regulatory authorities. Enlist E3 soybeans are a part of the Enlist Weed Control System and are the third Enlist trait product approved in Canada.
Enlist E3 soybeans have been approved for food, feed, and environmental release after being evaluated by the Canadian Food Inspection Agency (CFIA) and Health Canada (HC). Dow and MS Technologies expect to launch Enlist E3 soybeans in 2015, provided they get approvals in key export geographies. The companies are also seeking registrations for Enlist E3 soybean cultivation in Brazil and other South American countries and the U.S.
The Enlist E3 trait stack confers tolerance to 2,4-D, glyphosate, and glufosinate. Enlist is a next-generation system that combines innovative herbicides and stewardship and also provides unique advantage to customers. Enlist E3 soybeans demonstrate how new technologies can be implemented to speed up innovation, counter significant weed challenges and improve yields, which would eventually help farmers remain competitive.
Enlist corn and Enlist soybean traits were approved in Oct 2012. In May 2013, Dow Chemical announced that Health Canada’s Pest Management Regulatory Agency (PMRA) approved its Enlist Duo herbicide with Colex-D Technology for use in Canada. With the approval, both components of the Enlist Weed Control System in corn and soybeans have been approved for use in Canada. Canada is the first nation to authorize the new herbicide.
Dow reported its first-quarter 2013 results in Apr 2013. The company’s profit soared roughly 33% year over year to $550 million or 46 cents a share on the strength of its agriculture science business, which witnessed record sales of seeds and crop protection products. Excluding one-time items, Dow earned 69 cents a share in the quarter, up from 61 cents a year ago, beating the Zacks Consensus Estimate of 60 cents.
Dow currently holds a Zacks Rank #3 (Hold).
Other companies in the chemical industry having favorable Zacks rank are Shin-Etsu Chemical Co., Ltd. (SHECY - Snapshot Report) , Methanex Corporation (MEOH - Analyst Report) and FMC Corp. (FMC - Analyst Report) . While Shin-Etsu and Methanex retain a Zacks Rank #1 (Strong Buy), FMC Corp. has a Zacks Rank #2 (Buy).