Monsanto (MON), one of my favorite Blue Chip Growth stocks, just reported amazing earnings. Investor's Business Daily reports:

Agricultural giant Monsanto (NYSE:MON) kicked off the year with a running start on Thursday, blowing out first-quarter views amid hefty demand from Latin America.

The seeds and herbicides dynamo earned 46 cents a share, up 188% vs. a year earlier and 11 cents ahead of Wall Street forecasts.

Sales grew 36% to $2.1 billion, the fastest growth in at least four years. Monsanto also upped its fiscal 2008 earnings guidance.

"This has been a very strong start to our fiscal year," said Carl Casale, Monsanto's executive vice president, strategy and operations.

Monsanto's shares shot up 8.5% to a new high of 120.92. Farm machinery and fertilizer makers also surged, extending their big runs.

Monsanto's key drivers were growth in its Roundup agricultural herbicides and corn seed sales in Brazil and Argentina, he said.

Monsanto produces corn and other seeds, and develops biotech traits integrated into the seed itself. These traits offer farmers ways to protect the inherent yield potential of each seed.

We now have a 319% gain in MON in three years. The stock is a strong buy up to $112.