Monsanto on track to achieve 5-year plan

Agricultural chemicals and seed company Monsanto Co. said Tuesday that it remains on track to achieve its 2012 growth plan.

Terry Crews, the company's chief financial officer, said that one of Monsanto's advantages in reaching the five-year goals is its strong operating cash position.

"It's a position that gives us the opportunity to make timely investments and key additions that advance our strategy, improve and extend our competitive position in the industry, and create new value for shareowners and farmers," Crews said in a statement.

Monsanto said that one of the most influential drivers for 2008 is its corn business, which continues to perform ahead of original expectations.

"Farmers across the United States are in the process of planting corn and while weather conditions are always a variable with spring planting, we continue to expect another exceptional year in our corn business," Crews said.

Crews and other Monsanto officials planed to detail the company's progress on the five-year plan during a presentation Wednesday at the Bank of America 2008 BASics/Industrials Conference in New York.

Monsanto shares fell $1.08 to $116.83 in premarket trading.