Monsanto reported a 6 per cent drop in quarterly profit yesterday, but shares jumped more than 5 per cent as the world's largest seed company beat forecasts, improved its near-term outlook and said it planned to double earnings over the next five years.

The company, known for its genetically engineered corn, soybeans and other crops as well as the popular Roundup herbicide, also announced authorisation of a $10 billion share repurchase and cited strong progress on a new farm data business platform.

It said although earnings for the third quarter ended May 31st were down in the face of challenging market conditions, the outlook was bright. The company raised the low end of its full-year outlook for ongoing earnings to $5.10 a share from $5 while keeping the high end at $5.20. – (Reuters)