DuPont (DD - Free Report) cheered the news of gaining more than a point in the North American corn market share driven by its Pioneer seed business’ strong performance. The higher market share was also aided by healthy 2013 harvest results stemming from a competitive product lineup and innovative Decision Services.
Industry-leading agronomic and technical support and the Pioneer brand products helped Pioneer business to deliver sales growth of 11% year-to-date through September and strong yield performance on growers' farms.
DuPont’s decisions of right product selection, right acre approach to developing, and testing and placing seed has been helping the company to increase its corn market share in North America since 2008. The new hybrid genetic products in the Pioneer corn product lineups include Pioneer brand Optimum AQUAmax corn products, Optimum AcreMax insect control products and new T Series soybeans.
In 2013, AQUAmax corn hybrids were planted on 7 million acres and it continued its performance through all seasons. AQUAmax corn hybrids were tested in an unprecedented 23,000 on-farm yield comparisons in their third year of sales, which further led to a rise in the demand expectation for the product (to exceed 10 million acres in 2014).
Coming to the AcreMax family of corn products, it continued its growth in 2013. These AcreMax corn products are expected to encompass about two-thirds of corn unit sales in 2014.
Pioneer brand T Series soybeans, introduced in 2013, demonstrated strong performance yield for growers. In 2014, fifty three new types of advanced T series soybeans are expected to comprise about one-third of North America soybean volume. Thirteen varieties of advanced T Series will carry the Genuity Roundup Ready 2 Yield trait after it passes the local testing in IMPACT trials.
DuPont Pioneer has also extended latest agronomy and Decision Services to crop grower by expanding field services team and utilization of new technologies. The Decision Services provided by Pioneer have helped crop growers to maximize profits and minimize risk, while improving farm operation sustainability through science, technology and customer knowledge.
Decision Services will play a crucial role as they continue to deliver genetic and agronomic expertise along with analytic capabilities and technology to the crop growers in their year-around production and farm management services.
DuPont currently carries a Zacks Rank #3 (Hold).
Other companies in the chemical industry worth considering are Asahi Kasei Corp. (AHKSY - Free Report) , Methanex Corp. (MEOH - Free Report) and PPG Industries (PPG - Free Report) . While both Asahi Kasei and Methanex carry a Zacks Rank #1 (Strong Buy), PPG Industries retains a Zacks Rank #2 (Buy).