95% of the nations soybean acreage emerged by 14 lower than last year and 4bp below the 5-year average. 60% of the nations cotton acreage reached the squaring stage by July, 10% lower than last year and 9bp below the 5-year average. Additionally, in the Tranche-3 list, the US customs increased import duty on AIs from China to 25% from 10%; this move is expected to increase the price of formulations (end product). Key AIs used by UPLL in its formulations and which made it to the Tranche-3 list are mancozeb, pendimethalin and bifenazate. If Tranche-4 gets implemented, duty will be imposed on AIs like glufosinate, triphenyltin hydroxide, acifluorfen and metribuzin, which are used by UPLL in its formulations. Thus, unfavorable weather conditions and increase in import duty on AIs (which would ultimately increase agrochemical prices) would impact the farm profitability adversely, leading to lower growth for agrochemical players.