Monsanto is reporting exceptional earnings for the Seeds and Genomics segment of the company for fiscal year 2017. This segment reported net sales at $10.9 billion and the company says this is fueled by technology adoptions such as the Xtend platform.
“Our record sales and gross profit in the Seeds and Genomics segment this year, fueled by the outstanding penetration of our latest soybean and cotton technologies and continued adoption of our newest corn hybrids around the world, reflects the need for new solutions in what continues to be a challenging ag economy,” said Hugh Grant, Monsanto chairman and CEO.
Monsanto isn’t providing detailed guidance for fiscal year 2018 since their acquisition by Bayer is still pending. Instead it notes that Intacta Roundup Ready 2 Pro in South America as well as Roundup Ready 2 Xtend adoption will drive growth in seed and genomics. In addition the company anticipates it will reach 50 million paid acres around the globe for Climate FieldView and see significant growth in NemaStrike seed treatment technology.