Strong demand in Latin America for Roundup herbicide and seed trait products boosted Monsanto Co.’s sales by 36 percent and nearly tripled its profit in the first fiscal quarter of 2008 compared with the previous-year period.

St. Louis-based Monsanto, a main competitor of Johnston-based Pioneer Hi-Bred International Inc., reported today that net sales for the three months ended Nov. 30 were $2.1 billion, compared with $1.5 billion in 2007. The company recorded a net income of $256 million, or 46 cents per share, compared with $90 million, or 16 cents per share, for the same period last year.

“Our results in the first quarter represent a solid start to the fiscal year and highlight the strong performance of our Latin American business,” Monsanto Chairman, President and CEO Hugh Grant said in a press release. “With the most significant part of our annual business cycle still to come, we believe these results position us for another strong fiscal year for our business.”

With the second and third quarters being the primary drivers, the company raised its 2008 earnings outlook to a range of $2.50 to $2.60 per share, from a prior forecast of about $2.40 per share. The company predicts its triple-trait corn seed technology could be planted on 25 million to 27 million acres in the United States, an increase of about 50 percent over last year, and its DeKalb corn seed brand will increase 2 to 3 percentage points.

The company also announced today that it currently has one of its largest research and development pipelines, with 10 biotechnology projects that either advanced phases or began last year. Four projects transitioned to phase three from phase two, which means their probability of success increases above 50 percent and regulatory and variety development work begins.