While most of the broad market sinks into the red, the shares of agricultural issue Monsanto Company (MON: sentiment, chart, options) have taken the road less traveled. The stock is currently trading with a gain of 12.5 points, or 17.1%, flirting with the 85.75 level.

The company this morning announced that it posted a first-quarter net income of $556 million, or $1 per share, more than doubling its year-ago profit of $256 million, or 46 cents per share. In addition, revenue jumped 29% to $2.65 billion, bolstered by strong demand in Brazil, as well as higher corn seed and trait sales in the U.S. Analysts, on average, expected earnings of 59 cents per share on $2.44 billion in sales.

In addition, Monsanto now sees fiscal-year earnings of $4.40 to $4.50 per share, compared to previous projections of $4.20 to $4.40 per share. The firm's chief executive, Hugh Grant (pause here for chuckling), said the strong Latin American business "set the pace for a great fiscal 2009, giving us confidence to raise our earnings projections."

Today's rally has fueled the shares of MON through intermediate-term resistance at their 10-week moving average. The security is now attempting to breach a second layer of resistance at its 20-week trendline a feat not accomplished since June 2008.

(On a side note: My husband has often asked me if I'm ever wrong. Well, honey, happy birthday. )
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