Agriculture-related stocks are outperforming the overall markets this afternoon, warranting a shout out from Jim Cramer on Nov 17's "Mad Money". Industry growth is at 1.3%
Sales during its Q4 rose 35% from a year earlier. Furthermore, the company stated that it believes its gross profit will reach between $9.5 and $9.75 billion by 2012, up from its prior estimate of $8.6 to $9.1 billion.
Monsanto raised its earnings outlook for 2007 on strong demand for its corn seed. The company also announced a partnership with Dow Chemical to produce "eight stack" corn - meaning eight different genes conferring resistance to pesticides and other advantages in one seed - will be available by the end of the decade. This means Monsanto, the first company to offer "triple stack" corn, is pulling farther ahead of competitor Dupont
The company said June 15 that it expected 2007 earnings would be $1.75-$1.80 per share, compared with the previous estimate of $1.60-$1.65 per share. The use of corn to produce ethanol, which is used as a biofuel, has led to skyrocketing corn prices, record levels of corn planting, and therefore increased demand for monsanto's genetically engineered corn seed.
Monsanto receives an injunction from a Missouri federal judge to stop sales of its Roundup-Ready alfalfa seeds. With no lifting of the injunction possible until further hearings scheduled for April, Monsanto's foundational Roundup-Ready line seems threatened.
Monsanto announces that it will acquire Delta and Pine Land Company. This substantially increases Monsanto's market share in the cotton seed industry.
