There's another major merger taking place in the ag sector. Discussions of a merger between Bayer and Monsanto have been on going, but the two have finally reached a $66 billion deal.

Speaking in a conference call on Thursday, the head of Bayer's Crop Science Division, Liam Condon, talked about the strategic benefits and producer concerns regarding competition.

"We think with this combination we bring together the best seeds and trades in the industry, the best crop protection in the industry and we combine this with a digital platform, we simply would be able to help farmers to improve their harvest, their yields, and to actually minimize their input costs and do this in a way we don't compromise our environment," he said.

The proposed deal still needs shareholder and regulatory approval but would see Monsanto shareholders receive $128 per share.

Hugh Grant, chairman and CEO of Monsanto says the announcement is a testament to everything they have achieved and the value they have created for their stakeholders at Monsanto.