CHICAGO  - U.S. seeds and agrochemicals company Monsanto Co (MON.N), which is in the process of being bought by Germany's Bayer AG (BAYGn.DE) for US$66 billion, reported a better-than-expected quarterly profit on Wednesday, helped by strong demand for its soybean and corn seeds.

The world's largest seed supplier said sales of corn seeds and traits rose 8 per cent, while sales of soybean seeds and traits jumped 10.2 per cent in the second quarter ended Feb. 28, as farmers in the United States prepare to plant the largest combined corn and soybean acres on record.

Monsanto agreed in September to a $128-per-share buyout 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 deal came amid a wave of consolidation in the seeds and agrochemicals industry. Along with earlier mergers linking Dow Chemical (DOW.N) with DuPont (DD.N) and ChemChina with Syngenta AG (SYNN.S), the sector may ultimately be dominated by just four large companies.

ChemChina's acquisition of Syngenta won conditional approval from U.S. and European Union antitrust authorities this week to buy Syngenta AG. The EU signed off on the Dow and DuPont deal last week, provided certain conditions are met.

Monsanto and Bayer have filed notice of the merger plan to antitrust officials in the United States, EU and elsewhere.

Monsanto said it remains confident the deal will pass regulatory muster and is on track to close by the end of 2017.

Reuters reported last month that the two companies were launching asset sales worth roughly US$2.5 billion as they seek regulatory clearance.

Monsanto, best known for its Roundup herbicide and genetically-engineered corn and soybean seeds, also said it now expects full-year ongoing earnings per share at the high end of its forecast range.

The company had expected ongoing earnings of US$4.50 to US$4.90 per share for its 2017 fiscal year.

Net profit attributable to Monsanto rose to US$1.37 billion, or US$3.09 per share, in the second quarter, from US$1.06 billion, or US$2.41 per share, a year earlier.

Excluding one-time items, Monsanto earned $3.19 per share, topping analysts' average estimate of $2.79 per share, according to Thomson Reuters I/B/E/S.

Net sales rose 12 per cent to US$5.07 billion. Analysts on average had expected sales of US$4.73 billion.

Monsanto's shares were up about 1.5 per cent at US$115.91 in early trading.