Yes, agricultural products prices are way up. Whoever can plant corns and cottons are doing so now, making MON seem to be "growing" sales. But, sooner or later, we will have glut of agricultural products. Too much of a good thing, if you will. Do not listen to the crowd saying "the world food demand will go up and up" since it has been proven time and time again that there is no correlation with the food demand and profitability of agricultural stocks. It is strictly cyclical. Now, we are seeing the peak of food price and planting. There will be severe correction in the agri sector stocks, as demands of seeds and fertilizers will tail off dramatically. It is all about supply and demand. No way, this time would be different. The correction is already in the works. Be warned.
I agree with your points about supply and demand. But, as for the MON earnings, it is mostly an accounting trick from the restructuring it took huge charge for last year. That is what I think and it is just my opinion, but, I am sticking to it.