Monsanto, the world's largest seed company, reported better-than-expected first-quarter earnings as higher herbicide sales offset a decline in its corn business.

Analysts lauded the company's performance, saying it had a good balance of the high-margin herbicide business and advancements in its seed business. "The ag[riculture] productivity segment carried the day this quarter in terms of where most of the earnings growth came from," said Edward Jones analyst Matt Arnold. "But the seed business did fine. We definitely applaud them . . ."

In early trading, shares climbed 2.2 per cent to $115.30.

Monsanto, which develops genetically engineered corn, soybeans and other crops and sells the Roundup herbicide, said it was seeing strong early seed orders for spring planting in the US. – (Reuters)