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Biofuels: good for agrochemical/GMO bizGMO giant Monsanto wows Wall Street, consolidates its grip on South AmericaPosted by Tom Philpott at 9:09 AM on 13 Feb 2008While debate rages on Gristmill and elsewhere about whether biofuels are worth a damn ecologically, investors in agribusiness firms are quietly counting their cash. As corn and soy prices approach all-time highs, driven up by government biofuel mandates, farmers are scrambling to plant as much as they can -- and lashing the earth with chemicals to maximize yields. At a Wall Street meeting on Tuesday, genetically modified seed/herbicide giant Monsanto promised investors even-higher-than-expected profits in fiscal year 2008. The company expects to rake in $1.3-$1.4 billion in gross profit from its Roundup herbicide alone (Monsanto had been previously expecting to make $1 billion from Roundup); and it's looking for a cool $3.5 billion from its genetically modified seeds and traits. The company said it's seeing "strong early-season order patterns in its U.S. corn seed and traits business" -- meaning farmers are scrambling to lay in supplies of GM corn and soy seed ahead of the spring planting season. Below the fold, I'll drill down a little into Monsanto's announcement.
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