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Monsanto: What economic crisis?
With global food prices near all-time highs, Monsanto, global seed and agricultural product powerhouse, delivered blockbuster fiscal first quarter earnings before the bell on Tuesday. The stock continued its upward trajectory, hitting fresh 52-week highs early in the trading session.

Monsanto saw net income surge 169% to $339 million, which translates into an EPS from operations of 62 cents, well above the 37 cent consensus estimate.

On the back of solid demand for corn products from the likes of Brazil, Argentina, and Mexico, Monsanto managed to churn out net revenue of $2.94 billion, up 20.5% and managing to beat the $2.66 billion estimate. The corn seed and traits unit was the company's best performer, with sales up 25.3% to $1.14 billion. Soybean seeds and traits results were slightly disappointing, sliding 4.5% to $231 million.

The St. Louis, Missouri-based company expanded its gross profit margin 300 basis points to 48%. Free cash flow rose to $1.5 billion from $856 million on consumer prepayments ahead of the U.S. season and increased earnings, the company explained.

Monsanto's management team was also extremely optimistic of the future, raising its full year EPS outlook 10 cents to $4.40 and its free cash flow forecast to $2 billion from $1.8 billion previously.

With global oil prices near all-time highs and tight cereal markets according to the Food and Agriculture Organization of the UN, companies in the agricultural sector face interesting opportunities, despite a frail global economy. Fertilizer maker Potash has seen its stock rise since mid-November after a volatile 2012, while equipment maker Deere is near 52-week highs. Chemical maker Du Pont is trying to recover from big declines in the second half of last year, while Caterpillar has remained range-bound since mid-June 2012.

Shares in Monsanto rallied in the aftermath of the earnings release, and were up 2.7% to $98.57 by 11:49 Am in New York.