Monsanto increased its profit predictions for fiscal year 2013 on Wednesday, citing a strong global and Latin American corn portfolio.

Chief Executive Officer Hugh Grant said the company was in "growth mode" and expected to continue its forward trajectory through fiscal year 2014.

"This year has been an important confirmation of the momentum in our business and as we step back and look at the full year in context, as we've been able to execute on our global portfolio, I'm particularly pleased in our ability to deliver greater than 20 percent ongoing earnings growth," Grant said in press statement.

The company increased its 2013 earnings per share to US$4.50-US$4.55 on an ongoing basis and US$4.52-US$4.57 on an as-reported basis, a Monsanto statement explained.

Full-year free cash flow was also reported in the US$1.8 billion to US$2 billion range.

Monsanto attributed its improved full-year outlook to continued, positive trends in the first half of the year.

In the third quarter, however, the Brazil soybean business is expected to decrease in year-over-year contribution. The segment was excluded from the earnings guidance. Overall planted cotton acres is also expected to decrease, contrasted by record volumes in the corn business.

Despite the strong corn outlook, higher production costs and the effects of drought in 2012 were expected to take toll on the segment in the third quarter.

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