Chicago — US seeds and agrochemicals company Monsanto, which is in the process of being bought by Germany’s Bayer for $66bn, reported a better-than-expected quarterly profit on Wednesday, helped by strong demand for its soybean and corn seeds. Monsanto’s shares were up 1.6% at $115.84 after earlier hitting a 22-month high of $116.37. The world’s largest seed supplier said sales of corn seeds and traits rose 8%, while sales of soybean seeds and traits jumped 10.2% in the second quarter ended February 28, as farmers in the US prepare to plant the largest combined corn and soybean acres on record. Robust late-season seed demand in South America further propelled gains. Monsanto agreed in September to a $128-per-share buyout offer from Bayer that, if approved by regulators, would create a company commanding more than a quarter of the world market for seeds and pesticides.
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