The Maumee, Ohio, grain giant boosted its full-year profit target to a range of $2.80 to $3.05 a share, up from last month's forecast of $2.35 to $2.60.
"Our earnings outlook for 2007 has increased primarily because of strong second quarter performance in our agricultural businesses," said the chief executive, Mike Anderson. "When we last provided guidance, planting progress within our region was behind historical norms. Planting has now been successfully completed."
Mike Anderson added that the company's Plant Nutrient Group "has benefited from the increased corn acreage and associated higher volume and margins."
Shares rose $3.53 to $43.93.