Monsanto Company has reported a record second quarter for its fiscal year 2012, bringing in a net income of $1.21 billion compared to 2011's $1.02 billion. The company said the strong performance of its seeds and traits business and the timing of an early U.S. season drove the positive quarter.

The first six months of the fiscal year have also been strong, coming in at a net income of $1.34 billion compared to 2011's $1.03 billion. "Our strong U.S. selling season and growth from Latin America during the first six months have come together to set us up for a great 2012," said Hugh Grant, chairman, president and CEO for Monsanto. "We've seen contributions from growth across crops and geographies, which position us well to deliver high-teens ongoing earnings growth this year."

Monsanto expects to gain market share in U.S. corn seed for a second year as farmers buy more SmartStax, which has genetic changes enabling it to tolerate herbicides and kill bugs. The company got 54 percent of its income from the U.S. in 2011.