Monsanto will ramp up restructuring efforts and cut another 1,000 jobs, after unveiling plans in October to eliminate 2,600 positions.
The Wall Street Journal reports brisker sales of soybeans to South American farmers and fast progress on previously outlined cost-reduction plans helped it report a smaller-than-expected first-quarter loss.
However, as the largest seed maker by revenue, Monsanto said it continues to struggle against currency swings and a slump in major crop prices that’s forcing farmers to limit spending.
Monsanto reported that revenue slid 23 percent in the first quarter of the fiscal year compared to last year on lower corn sales.
The company is streamlining its business as the industry is working through a three-year slide in crop prices.
The decline in farmer spending has sparked a wave of consolidation talks as companies are looking to expand and cut cost.
Monsanto pursued Syngenta last year but dropped the $46 billion bid after repeated rejections.
Syngenta’s interim CEO said last month, however, the company was now open to merger talks with others, including Monsanto.
That comes after the Dow-DuPont merger reached last month.
