Monsanto Co. said Aug. 13 the company remains on track to double its gross profit by 2012, sending shares up nearly two per cent in premarket trading.
Executives said Monsanto was “on the verge of a technology explosion” and would be introducing a series of products aimed at improving crop yields for farmers.
The company said its focus is on future revenue growth driven mainly by innovations in seeds.
“We see substantially increased demand from agriculture, and the most sustainable way to meet that demand is to create more yield on existing acreage,” Monsanto CEO Hugh Grant said in a statement.
Grant said the company will provide seed technology that doubles yields in corn, soybeans and cotton by 2030. It also plans to expand the seeds and traits side of the business at a 20 per cent compound annual growth rate from 2007 to 2012.
Rain, warmth boosts U. S. crops
Plenty of rain and warm temperatures were expected across the U. S. Midwest this week, perfect conditions to promote corn and soybean growth and yields, a forecaster said on Aug 14.
“It’s nearly ideal. Normal to above-normal temperatures to accumulate more growing degree days and normal to above-normal rainfall providing moisture to filling corn and beans,” said Mike Palmerino, agricultural meteorologist with DTN Meteorlogix.
The warmer weather blanketing the Midwest this week is building up growing degree days, giving corn a much-needed boost.
Corn development is running about one to two weeks behind normal given a wet planting season and a cool July.
Soybeans, on the other hand, are in the midst of filling pods – the key yield-determining phase for the crop.