Wed Oct 8, 2008 1:04pm EDT KANSAS CITY, Mo., Oct 8 (Reuters) - Monsanto Co (MON.N: Quote, ), a global leader in sales of agricultural seeds and technology, said on Wednesday it saw credit continuing to flow to U.S. farmers as a new planting season for key crops approaches. Despite tight global credit markets, many U.S. agricultural lenders have indicated they are not cutting back on loans to farmers, who have been enjoying some of the highest prices in years for corn, soybeans, wheat, and other crops, Monsanto chief financial officer Terry Crews said. Some of largest agricultural lenders told Monsanto they were renewing and increasing credit lines to customers for purchases for the new season, Crews said. "A farmer on solid financial footing should have no trouble gaining access to any credit they need to run their normal operations," Crews said in a conference call. "There continues to be confidence in the availability of credit for farmers." http://www.reuters.com/article/marketsNews/idUSN0853444720081008 Seed and herbicide supplier Monsanto Co. said global agricultural demand remains strong and U.S. farmers still have ample access to credit despite the turmoil in financial and commodity markets. The world's largest producer of traits and seeds by revenue has seen its market capitalization halved over the past 10 weeks as investors worry about the outlook for demand and pricing for crops. Monsanto Chief Executive Hugh Grant said that, despite the gyrations in commodity prices, demand fundamentals remain intact for the company's corn, soy and vegetable seeds and traits, which offer protection against pests and drought. The St. Louis company on Wednesday increased its long-term profit forecast amid acquisitions and new-product launches. Mr. Grant said gross profit in 2012 is expected to reach $9.5 billion to $9.75 billion, ahead of what he described as a "bold" forecast given by the company last November. Monsanto also issued a 2009 earnings forecast, which undershot analysts' estimates. "We do control the factors that truly drive our business," Mr. Grant said on a call with analysts to discuss the company's fiscal 2008 results. While acknowledging demand growth may fluctuate, he expressed confidence that the combination of rising protein consumption in emerging markets and low commodity stocks will boost earnings. He also said Monsanto would continue to create new products that would command premium prices. Terry Crews, Monsanto's chief financial officer, said farmers in the U.S., Brazil and Argentina still enjoyed access to credit from government sources, banks and vendors. http://online.wsj.com/article/SB122347559648415295.html?mod=googlenews_wsj