How fitting that a producer of so-called “Frankenfoods” has what appears to be a genetically modified stock price. Shares in Monsanto have risen almost 13 per cent this year, while the S&P 500 has dropped 8 per cent. Monsanto, with a market value of about $43bn, last week reiterated its guidance for earnings growth of 20 per cent-plus for the year to August.

Biotech crops remain controversial, even banned in the UK and France. But in 2008 the US planted about half the world’s acreage (62.5m hectares), followed by Argentina and Brazil – markets in which Monsanto posted a strong first-quarter performance.