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Monsanto changes track

Monsanto, the world’s largest supplier of agricultural seeds, has scrapped its target of doubling profits within five years and will abandon its rule of keeping prices high. Chief executive Hugh Grant announced the backtrack as Monsanto revealed fiscal second quarter results below Wall Street expectations. Net profit fell from $1.1bn (£722m) to $887m year-on-year, with earnings down from $2.16 per share to $1.70 per share. Monsanto shares fell 1.4 per cent to $68.1.