Bayer warned on last Friday it would have to adjust its full-year outlook, citing excessively high inventory levels at crop protection customers in Brazil and a weaker-than-expected consumer health business.
"At the end of the harvest season in Brazil, regular stocktaking revealed an unexpectedly high channel inventory level of crop protection products," the company said in an unscheduled statement.
Bayer said it would adjust its business outlook when it publishes second quarter results, due on July 7, without providing details.
It also cited unfavorable currency developments but added that the Pharmaceuticals Division and Covestro were performing strongly and that business at the Animal Health unit was line with expectations.