DuPont (DD) recently expanded its research partnership with Evogene to increase its product offerings for soybean farmers. The biotech giant also unveiled new product improvements that should support continued growth in corn and soybean yield through its seeds business in the U.S.

The agriculture and nutrition-based products division accounts for 32% of DuPont's stock value by our estimates, and we believe that continued expansion of its product line portends solid long-term growth in its agriculture business. DuPont competes with other giants such as Syngenta AG (SYT), Monsanto (MON) and Dow AgroSciences (DOW).

Our current price estimate for DuPont stands at $59, which is about 30% above its current market price.

Through its partnership with Israeli biotech Evogene, DuPont aims to expand its product offering for soybean crops by targeting soybean rust, a fungal pest that can wipe out 80% of affected soybean fields.

DuPont is also working on several new products that it will be introducing this year in the US. One of them is Basis Blend, which is an improvement to its existing Basis herbicide to protect corn crops. DuPont will also introduce Realm Q herbicide, which will help protect corn against broadleaf weeds and grasses. With Realm Q, farmers will be able to protect their crops against weeds as soon as they start growing, instead of having to wait until they are more mature, as is the current practice.

Earlier last month, DuPont reported a consistent increase in corn and soybean yield through its seeds business in the U.S.

We believe that DuPont's focus on constant innovation in genetics and agronomics will help it sustain its growth curve in the long term and support our outlook for the stock.

See our full analysis for DuPont's stock