Seed company Monsanto will raise its corn seed prices by an average of 5% to 10% in 2012 due to improved performance and higher production costs.

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The price increase reflects higher-yielding genetics and more sales of biotechnology, including the newest insecticide-producing crops, said Executive Vice President Brett Begemann. The company is also focusing on boosting earnings 13% to 17% per year, as well as gaining in the U.S. corn and soybean markets.