Maker of Roundup weedkiller says it will cut prices due to global oversupply

Roundup Weedkiller to get cheaper

NEW YORK — Monsanto Co. says it will lower prices for its Roundup weed killer because of an oversupply of herbicides.

Shares are down 5 percent in premarket trading.

The St. Louis biotech giant said Thursday the changes will cut the company’s earnings per share by 50 to 70 cents this year. Annual earnings are now projected to be between $2.15 and $2.41 this year. Earnings for the third quarter are expected to range between 65 and 72 cents a share.

CEO Hugh Grant says the company made the changes to deal with a global oversupply of herbicides. He said supplies of weed killers in China are “profoundly overbuilt.”