Both Bayer and BASF are exploring a combination with Monsanto, the world’s largest seed producer. Thursday, Bloomberg News reports Bayer was exploring a bid for Monsanto while Street Insider said BASF was also looking into acquiring Monsanto. High crop inventories and low prices have placed pressure on the industry to consolidate within the last year. Earlier this year, ChemChina agreed to acquire Swiss-based Syngenta for $43 billion, while Dow Chemical and DuPont combined into a $130 billion company last year. Monsanto also made a bid for Syngenta last year. Monsanto officials have long argued, according to Reuters, the company needs to buy or team up with a large crop chemicals maker as farmers increasingly look for one-stop shopping.