Biotechnology seed company Monsanto Co. said profit from its corn-seed business this year will exceed $2 billion for the first time, a reflection of the company's ability to cash in on the global grain boom. Monsanto, based in St. Louis, raised its 2008 outlook for earnings excluding items to between $3.58 and $3.60 a share, compared with its previously announced $3.37. This is the sixth time this year that Monsanto has raised its earnings forecast. "The fundamentals of agriculture and our businesses are strong and getting stronger," Monsanto Chief Financial Officer Terry Crews told investors Tuesday. Stocks of agriculture companies have fallen during the past month as commodity prices came off highs and investors retreated from the sector. But so far Monsanto has fared better than other agribusinesses. Monsanto's stock is down 20% from June, when grain prices achieved highs, but up 48% from a year ago. The stock of soybean processor Bunge Ltd., of White Plains, N.Y., and Archer-Daniels-Midland Co., of Decatur, 111., are down about 40% since June. Monsanto's news "should placate investors who have become nervous about the whole commodities trade," says Robert Koort, an analyst at Goldman Sachs Group Inc. "The ag business still remains quite vibrant." Driving Monsanto's growth has been increased demand for its genetically modified seeds and herbicides amid rising demand for grain used to make biofuels and feed livestock. Farmers eager to cash in on the higher grain prices were more willing to spend extra money on farm products to ensure bigger yields. The grain demand has also helped boost the appeal of biotechnology because it can help farmers squeeze more food out of land. Countries once reluctant to adopt biotechnology, like China, have shown a greater inclination to using biotechnology as a way to improve national food security. Also, Monsanto has been aggressive in raising its prices for farmers to reflect prosperity in the U.S. Farm Belt