Monsanto surprises with adjusted profit as expenses drop

Monsanto agreed in September to a sweetened $128-per-share offer from Bayer that, if approved by regulators, would create a company commanding more than a quarter of the world market for seeds and pesticides. The St. Louis, Missouri-based company had been expected to report a loss on an adjusted basis, reflecting a slump in commodity prices and a fall in farm incomes. Monsanto's expenses also dropped, by nearly 10 percent, as cost-cutting measures paid off.