Monsanto says its seeds will double yield of corn, soybeans and cotton by 2030

CREVE COEUR, Missouri (AP) - Monsanto Co. Chief Executive Hugh Grant set a bold goal for the company on Wednesday, promising to develop by 2030 new strains of corn, soybeans and cotton that can yield twice as much grain and fiber per-acre while consuming just two-thirds the water.

Grant announced the initiative during a company meeting without laying out specific strategies or initiatives Monsanto would employ to reach the goal. He said afterward that Monsanto will rely on its current research and development team that is developing crops resistant to drought and pests.

"If we succeed in doubling yields, it absolutely changes the opportunity for food availability," Grant said.

That last sentence roughly translates as "if we pull this baby off then we're going to have so much money we can buy the planet."