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Wednesday, January 8, 2014

Monsanto profit beats expectations, herbicide sales rise, (NYSE: MON)

Monsanto Co, the world's largest seed company, reported better-than-expected first-quarter earnings on Wednesday as higher herbicide sales offset a decline in sales from its corn portfolio.Monsanto, a developer of genetically engineered corn, soybeans and other crops and purveyor of the popular Roundup herbicide, said it was seeing strong early seed orders for spring planting in the United States. It expected its launch of a new biotech soybean to cover about three million acres.The company said it notched a record 29 "phase advancements" across several research and development platforms, and signed a deal with a large U.S. agricultural retail distributor to expand its new precision farming system products."The first quarter demonstrated that our business performance is squarely on track with several key milestones and that we have the right growth strategy in place," Monsanto Chairman Hugh Grant said in a statement.

Monsanto Company (Monsanto) along with its subsidiaries, is a provider of agricultural products for farmers. Shares of MON remained unchanged at $113.24. In the past year, the shares have traded as low as $94.00 and as high as $117.50. On average, 2457820 shares of MON exchange hands on a given day and today's volume is recorded at 3415.