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Investing.com -- Corteva (NYSE:CTVA) stock fell 4.4% after the US government announced plans to investigate suppliers of crop inputs for potential antitrust violations. Other agricultural companies were also affected, with The Mosaic Company (NYSE:MOS) dropping 3.5% and CF Industries (NYSE:CF) declining 3.2%.
The selloff came after Agriculture Secretary Brooke Rollins revealed that the US Department of Agriculture and Department of Justice have signed a memorandum of understanding to scrutinize competitive conditions in the agriculture marketplace. The investigation will specifically target suppliers of seeds, fertilizers, and other agricultural inputs as farmers continue to struggle with high production costs.
"We’re going to take a hard look and scrutinize competitive conditions in the agriculture marketplace, including antitrust enforcement that promotes free market competition," Rollins said Thursday during a conference in Missouri.
The government probe could potentially impact the business practices and pricing strategies of major agricultural input suppliers like Corteva , which provides seeds and crop protection products, and fertilizer producers Mosaic and CF Industries.