Persistent dry weather has pushed out soybean planting and the use of crop protection products in Brazil, the world’s top exporter of the oilseed, while purchases by top buyer China have been erratic due to Beijing’s trade war with Washington, which has also hit growth at the world’s second-largest economy.

“Coupled with production disruptions and delays, recent softening in the Chinese economy, African swine fever and slower growth in other emerging markets are impacting the demand outlook for commodity grains and oilseeds,” Chief Executive Officer James Collins said on a post earnings call.

The downbeat comments overshadowed a smaller-than-expected third quarter loss that was fueled by higher U.S. seed sales after historic floods in the Midwest delayed the spring planting season.

Corteva also said it now expects full-year core earnings at the bottom end of its prior forecast of $1.9 billion to $2.05 billion, largely due to a weaker Brazilian real.

The former agricultural unit of DowDuPont also tightened its 2019 operating earnings per share forecast to between $1.20 and $1.26 from an earlier estimate of $1.06 to $1.31.

Net loss attributable to Corteva fell to $494 million, or 66 cents per share, in the third quarter ended Sept. 30, from $5.12 billion, or $6.83 per share. The year earlier period included a $4.5 billion goodwill impairment charge.

Excluding items, it posted a loss of 39 cents per share, lower than the 46 cents loss that analysts estimated, according to Refinitiv IBES data.

Net sales fell 2 percent to $1.91 billion, primarily due to weaker Brazilian real and euro, while organic sales stayed flat.

Analysts on average had estimated revenue of about $2 billion.

Total volumes increased 3 percent, while local prices declined 3 percent in the quarter.

Separately, Corteva said it would invest $145 million in its Midland, Michigan manufacturing plant to produce 30 percent more Spinosyns used to make insecticides.

Shares of the company were down 5.1 percent at $26.08.

– Additional reporting by Arathy S Nair in Bengaluru

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Investors cheered Corteva’s upbeat numbers, its first after separation from DowDupont in June, as they were a rare bright spot among agricultural companies that have been hard hit as floods ravaged huge swathes of western Corn Belt states.

The devastation pushed down total planted acres and demand for crop protection products like herbicides and pesticides.

Chief Executive James Collins, on a post-earnings call with analysts, said the unprecedented market backdrop for the second quarter presented considerable challenges to Corteva’s customers and in turn, to the company.

“Flooding, planting delays, prevented planting, delayed deliveries, insect pressures, trade-related market disruptions, the list is long and exceptional when viewed from the lens of history,” he added.

The weather woes are heaping more pain on the battered U.S. agricultural sector already hard hit by the prolonged U.S.-China trade tiff. The tariffs China imposed on soybean exports from the United States in retaliation for U.S. duties on Chinese goods curbed shipments of the most valuable U.S. export crop.

Net sales grew 10 percent from markets outside of North America, with Latin America rising 34 percent . Volumes from markets abroad rose 14 percent , while prices were up 3 percent .

On the other hand, sales in its home market fell 8 percent, with volumes down 5 percent and prices down 3 percent .

The former agricultural unit of chemicals giant DowDuPont, however, cut its 2019 core earnings expectation to between $1.9 billion and $2.05 billion from a prior forecast of $2.20 billion and $2.30 billion.

The company now expects net sales to be down about 3 percent , compared with its earlier forecast for sales to be flat.

Net sales in the current quarter fell 3.1 percent to $5.56 billion, but came in slightly above estimates of $5.52 billion.

Net profit from continuing operations attributable to Corteva fell to $470 million, or 63 cents per share, from $963 million, or $1.29 per share, a year earlier.

Excluding items, it earned $1.42 per share compared with analysts estimates of $1, according to Refinitiv IBES data.

Shares of the company were up 8.4 percent at $31.99 in late morning trading.

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The company, one of Canada’s biggest pork processors, said that processed fresh pork sales were affected by a transitory reduction in hog supply from porcine epidemic diarrhea virus (PEDv) in 2017.

One of the company’s barns in Manitoba, Canada’s biggest piglet-producing province, was among confirmed cases of PEDv in June last year.

PEDv, which causes diarrhea, vomiting and dehydration in hogs and is usually deadly in young piglets, poses no threat to humans, according to the Canadian Swine Health Board.

The Toronto-based company said pork market conditions in the first quarter were materially below prior year, offsetting strong performance in its other segments.

Maple Leaf’s sales rose about 0.8 per cent to $817.5 million, due to its prepared meats businesses, which also benefited from recent acquisitions.

The company has been keen on expanding in the U.S., seeing growth opportunities in humanely produced meat and alternative protein sources, and acquired two U.S. based companies last year.

Maple Leaf last month made an investment in Entomo Farms, an Ontario-based insect protein supplier billed as North America’s largest human-grade edible insect farm.

Maple Leaf’s first-quarter net earnings were $27.9 million, or 22 cents per share, compared with $30.1 million, or 22 cents per share, a year earlier.

Excluding items, the company earned 29 cents per share, missing analysts’ average estimate of 34 cents per share, according to Thomson Reuters I/B/E/S.

— Reporting for Reuters by Nishara Karuvalli Pathikkal.

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