UPDATE 1-Corteva profit beats on higher volumes, prices outside North America

(Compares with estimates, adds forecast, shares)

Aug 1 (Reuters) - Pesticide and insecticide maker Corteva Inc's quarterly profit beat estimates as volumes and prices in its markets outside North America rose more than expected, while flooding in the United States hit sales in its home market.

Corteva's results, its first after its separation from DowDupont in June, comes as agriculture companies have been ravaged by historic spring rains that flooded huge swathes of western Corn Belt states such as North Dakota, South Dakota, Nebraska and Iowa.

Volumes in the quarter were flat with a 5% dip in North America cushioned by a 14% rise outside, led by Latin America.

Local price slid 1% in the second quarter ended June 30.

The former agricultural unit of chemicals giant DowDuPont, however, cut its 2019 core earnings expectation to between $1.9 billion and $2.05 billion from the prior forecast of $2.8 billion.

The company said it expects net sales to be down about 3%, compared with its earlier forecast for sales to be flat.

Net sales in the current quarter fell 3.1% to $5.56 billion, slightly above estimates of $5.52 billion.

Net profit from continuing operations attributable to Corteva fell to $470 million, or 63 cents per share, from $963 million, or $1.29 per share, a year earlier.

Excluding items, it earned $1.42 per share compared with analysts estimates $1, according to Refinitiv IBES data.

Shares of the company were down about a percent in choppy trading before the bell. (Reporting by Nishara Karuvalli Pathikkal and Arathy S Nair in Bangalore; Editing by Arun Koyyur)