On Wednesday, Monsanto () provided an optimistic update for investors. The firm raised its fiscal-year 2012 earnings guidance expectations and said that free cash flow will be at the high end of its previous outlook for the year. The updated bottom-line guidance is for ongoing earnings in fiscal 2012 to be as much as $3.70 per share (consensus estimates were at $3.56 per share). Specifically, management now expects free cash flow for the year to be in the range of $1.7 billion to $1.8 billion (the low end had originally been $1.6 billion). The firm noted that unusually warm weather helped the performance, though new advancements in seed technology also offered a nice tailwind (insect-fighting corn seeds; herbicide-tolerant soybeans). Looking ahead, the world’s largest seed company expects mid-teens ongoing earnings growth in fiscal 2013 and pointed to continued growth in the US and emerging markets and accelerated expansion in Latin America. We’ll be taking a look at our fair value for Monsanto and expect to raise it modestly on the news.