UPDATE 1-Monsanto beats expectations, raises full-year outlook

April 3 (Reuters) - Monsanto Co, the world's largest seed company, raised its full-year profit expectations on Wednesday after posting a better-than-expected second quarter, driven largely by strength in its corn business.

Monsanto, a leading developer of genetically engineered corn, soybeans and other crops, said it was raising its fiscal 2013 forecast by a dime a share to a range of $4.40 per share to $4.50 per share on an ongoing basis. That compares with a target set in January of $4.30 per share to $4.40 per share.

The company earned $1.48 billion, or $2.74 a share, in the second quarter. That compared with $1.21 billion, or $2.24 a share, a year earlier.

On an ongoing basis, the company earned $2.73 a share in the second quarter that ended Feb. 28, up from $2.28 a year earlier. Analysts were looking for $2.58 a share, according to Thomson Reuters I/B/E/S.