Monsanto last month boosted its full-year earnings forecast for the third time in 2013 on expectations of record corn-seed volumes and higher prices for glyphosate herbicide, which the company markets under the Roundup brand. Gross profit in the unit that makes Roundup herbicide gained 31 percent while profit in the larger seed unit declined 10 percent.

“The strength in glyphosate has helped gloss over what appears to be a somewhat tepid third-quarter performance from the seeds segment,” Chris Shaw, a New York-based analyst at Monness Crespi Hardt & Co. who recommends buying Monsanto shares, said in a June 24 note. Retail glyphosate prices have gained about 42 percent from a year ago, Shaw said.

Eoin Treacy's view Monsanto had been ranging with an upward bias until May when it fell to break the progression of higher reaction lows. It is holding in the region of the 200-day MA, near the psychological $100 level, and will need to continue to do so if the benefit of the doubt is to be given to the upside.

Elsewhere in the seeds and agricultural chemicals sector DuPont, BASF, Syngenta, KWS Saat and Dow Chemical have all returned to test their respective 200-day MAs and have found at least short-term support.