Monsanto's sales, profit drop in first quarter

Monsanto Co.'s net sales for the first quarter decreased 8.6 percent to $2.9 billion while gross profit dropped to $1.4 billion from nearly $1.6 billion, due in part to lower corn sales in South America and cotton sales in Australia.

The St. Louis Business Journal reports seeds and genomics segment sales were $1.62 billion, down from $1.68 billion a year earlier.

Seeds and genomics sales were led by soybeans, the fastest-growing product in the segment.

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