Monsanto (NYSE:MON) has finally received some good news about its seed pipeline, as its yield projections for its Roundup Ready 2 Yield soybeans have been met, according to research firm OTR Global.
Last year OTR reported yields weren't as strong as expected.
Based on feedback from close to 30 farm managers and distributors of seeds, the Roundup Ready 2 soybean seeds are now yielding at their promised rates of 7 percent to 11 percent over their prior soybean seed.
Monsanto had hitched their growth projections to SmartStax corn seed, which so far has underperformed the former seeds from a range of 3 percent to five percent.
So they've been scrambling to get some positive news out as their share price continues to take big hits. Last year on October 1 the share price of Monsanto stood at $75.11. Today it was trading at $48.12 at 2:21 PM EDT.
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