Monsanto expects growing biotech seed sales

Date:10-08-2010

While questions have been raised about its new biotech SmartStax corn yields,Monsanto--1.htm"> Monsanto expects growth in its biotech seed sales for fiscal year 2011 and overall earnings growth of 13 to 17 percent. Monsanto has reported a net loss of 143 million dollars for the fourth quarter or 26 cents a share compared to a loss of 233 million or 43 cents a share for the same period in 2009. Not including restructuring costs, Monsanto’s loss equaled 9 cents a share.

While early harvest data from the southern Corn Belt indicates weaker average yields from SmartStax, company CEO Hugh Grant tells the St. Louis Post-Dispatch it’s premature to make assumptions about its overall performance and that the Northern Corn Belt yields have yet to be factored in.

Grant conceded that the benefits of SmartStax may not be fully realized this season because there’s less damage from rootworm and warm nights hurt yields from two SmartStax hybrids.