American farmers cutting back on planting corn in addition to the reducing demand for biotech-enhanced seeds has left Monsanto’s earnings down 34% in its first fiscal quarter.

As reported earlier in the week by Farming Online, US farmers are choosing to plant less GMO-crops due to increasing costs and poor returns. Record breaking crops of soybeans and corn last year meant the market flooded and prices crashed down to their knees.

The food conglomerate has also been at the centre of controversy over its genetically-modified seeds for some time, with the focus intensifying in the US last year with marches against the firm and a “Millions Against Monsanto” campaign. 

Yesterday, 7th January, Monsanto said its earnings fell 34% in its first fiscal quarter reporting a profit of $243m, or 50 cents per share, down from $368m, or 69 cents per share in the same period last year. 

The agriculture products company’s revenue fell more than 8% to $2.87bn in the period, on lower sales of corn seeds and herbicide. Analysts expected $2.96bn, according to Zacks.

Earnings, adjusted to account for discontinued operations, came to 47 cents per share in the most recent quarter.

Even with the fall in earnings, the results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

Monsanto shares have decreased nearly 3% since the beginning of the year.