If Monsanto does not have a secret shrine to Thomas Malthus somewhere in its headquarters, it ought to.

The revival of fears about global food supplies has formed a virtuous circle for the agrichemicals group. As crop prices rise, so farmers have more incentive to increase yields, and the cashflow to do it. In the absence of more land to till, the alternative is to invest in hardier seeds and better pest-killers – recycling some of those agridollars back to Monsanto. The company’s latest set of record quarterly results demonstrates its ability to prosper from the commodities boom.