Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren Buffett and Charlie Munger, based on the 10-Q for the quarter ended June 30, 2026, recent 8-K disclosures, and current market data. All conclusions are our own. This is a business a farmer's child can understand, which is precisely the kind we like to study. Corteva sells two things to the world's farmers: the seed that goes into the ground, and the chemistry that protects what grows out of it. The Seed segment (about $7.6 billion of the $11.3 billion in first-half 2026 sales) is anchored by Pioneer, a brand that has been breeding corn since 1926 — a century of accumulated genetics. Corn alone was $5.2 billion of first-half revenue, soybeans another $1.6 billion. The Crop Protection segment ($3.7 billion in the first half) sells herbicides, insecticides, fungicides, and a growing line of biologicals.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-07-31), 8-K (2026-07-30), 8-K (2026-06-29).
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