A huge surge in demand for soybean seed and traits help boost the bottom line at the seeds giant. Fred Katayama reports.
BROADCAST AND DIGITAL RESTRICTIONS~*Broadcasters: NONE Digital: NONE**~ One day after receiving a blow from California, Monsanto reports blowout earnings Wednesday. Quarterly profit sprouted more than 17 percent at the seeds giant, handily beating Wall Street's estimates. A 29 percent surge in sales of soybean seed and traits helped boost the bottom line. Sales of its biggest revenue generator, corn seed and traits, however, fell. On Tuesday, California said it'll add glyphosate to its list of chemicals known to cause cancer. Glyphosate is an herbicide that's an active ingredient in Monsanto's popular weed killer, Roundup. The company is in the process of being acquired by Germany's Bayer in a $66 billion deal. Monsanto said Wednesday it expects to complete the merger by year's end. The combined company would command more than a fourth of the world market for seeds and pesticides. Monsanto shares rising at the market open, adding on to their 11 percent gain this year.