According to the World Bank’s projections, the global middle class will rise from 400 million in 2000 to 1.2 billion by 2030, controlling over $6 trillion in spending power, suggests Carl Delfeld, global investing specialist and editor of Cabot Explorer.

Studies show that as incomes rise in emerging markets, diets change rapidly with less rice and vegetables and more meat and dairy. Agribusiness is a growth sweet spot at the bullseye of supply and demand for food.

Based in Indianapolis, Corteva (CTVA) uses emerging technology to help farmers improve crop yields, boost output and increase the consistency of production from year to year, no matter the weather. A spinoff from DowDuPont (DD) three years ago, the firm builds on DuPont’s Pioneer seed business and Dow’s crop chemical business.

Many of Corteva’s products are based on entirely natural processes, but its seed business sells both conventional and genetically modified seeds that produce maximum agricultural output per acre.

Genetically modified seeds also offer better resistance to disease, drought, extreme heat and cold, insects and herbicides — and can be used to improve nutritional characteristics as well. Products such as herbicides, insecticides and nitrogen stabilizers also protect against weeds, pests and diseases.

You should be aware that modified seeds are controversial in some quarters and some grocery chains label food products that contain genetically modified organisms (GMOs). Still, nearly 80% of processed foods on U.S. grocery shelves — breakfast cereals, snack foods, soft drinks — contain genetically modified ingredients.

According to the Environmental Working Group, the nation’s leading environmental health research group, the average American consumes 193 pounds of genetically engineered food each year. Yet, most Americans polled believed they had never eaten genetically modified foods.

Genetically modified seeds are necessary to feed the world as they allow farmers to produce better-quality crops while using fewer pesticides, herbicides and fertilizers. Therefore, on 20% less land, America now grows five times as much corn as they did in the 1930s.

The yield per acre has grown more than six times in the past 75 years. So, when 8 billion people wake up every single day — they will hopefully have food to eat.

While the market is down sharply over the past year, Corteva is up more than 40%. Although the down market does lead to quality companies growing top-line revenue and net profits trading at bargain prices, a strong case can be made for stocks like Corteva that are recession-resistant and outperforming the market on a relative basis.

Recently, Corteva reported a 12% increase in net sales and beat earnings expectations by about 50%. Earnings per share are projected to grow from $2.50 this year to perhaps $3.25 in 2023.

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