The company's herbicide division, which includes the flagship product, Roundup, has struggled in recent years, losing ground to cheaper, generic alternatives from China. In 2009 and 2010, Monsanto began offering incentives to customers to use Roundup in an attempt to shore up the brand.
On Wednesday, Monsanto executives said the SEC had launched a probe into the incentive programs and that the agency has subpoenaed documents.
The company also announced that farmers responded positively to new corn and soybean products this spring, helping push up profits for the third quarter nearly 80 percent to $680 million. Sales of the company's corn, soybean and cotton traits rose 12 percent in the quarter, to $2.6 billion.
Earnings per share were $1.26, up from 70 cents a year ago. The figures beat analysts expectations of $1.11.
The company also raised its earnings guidance for 2011, saying earnings will now be from $2.84 to $2.88, up from a range of $2.72 to $2.82.
