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OCTOBER 24, 2016 • ALBERTAFARMEXPRESS.CA
A spectacular view — if you care for that sort of thing
The unsettled weather earlier this fall brought with it some brilliant evening skies with cloud pillars and pastel colours. But these cattle near Millarville were more interested in gazing at their dinner. Photo: Wendy Dudley
Monsanto surprises with adjusted profit
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Monsanto, which agreed last month to be bought by Germany’s Bayer for US$66 billion, reported a surprise adjusted profit, helped by a drop in expenses and higher corn seed volumes. The St. Louis-based company had been expected to report a loss on an adjusted basis, reflecting a slump in commodity prices and a fall in farm incomes. However, net sales in the company’s corn seeds and traits business jumped 34 per cent in the three months ended Aug. 31 as corn seed volumes rose in the U.S. Monsanto’s expenses also dropped, by nearly 10 per cent, as cost-cutting measures paid off. Net sales rose 8.8 per cent to $2.56 billion, beating the average estimate of $2.36 billion. Monsanto did not offer any update on potential divestitures related to the Bayer deal but said it expects the deal to close by the end of 2017 as previously stated. Some farm groups, seed companies and lawmakers have raised concerns about the deal, saying it could result in higher prices and reduced choices for farmers. — Reuters
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