Gross margins declined both sequentially and y-o-y, but it was about 150 basis points better than guidance as commodity costs declined and sales mix was better than anticipated.
Bowman said he bought the seeds as part of an undifferentiated mix of "commodity" seeds from a grain elevator, and that farmers had used such seeds for planting for decades.
Add to this mix a jump in inflation, in part the product of a global commodity boom, and the result has been one of the most challenging economic and policy environments in memory.