Corn Products International became the second agribusiness group this week to lift full-year earnings guidance, after reporting forecast-beating profits, helped by right calls on agricultural commodity prices.

The results helped shares in the ingredients and starches group soar 8%, outperforming a bouyant stock market.

Corn Products - which missed targets at its previous results statement sending its shares plunging 12% - exceeded market expectations this time by reporting earnings more than doubled to $87.7m for the July-to-September period.

The figure equated to an underlying $1.20 per share, higher than the $1.10 per share that Wall Street expected.

The improvement prompted Corn Products to join tractor maker Agco in lifting its forecast for full year earnings to $5.05-5.15 per share excluding one-off effects, from its previous guidance of$4.85-5.15 a share.

Wall Street has pencilled in a forecast for full-year earnings of $5.06 a share.

'Risk management approach'

The rise in earnings, led by a six-fold jump in profits from Asia Pacific operations, reflected largely last year's $1.3bn acquisition of National Starch, the integration of which was "on plan", according to Ilene Gordon, the Corn Products chairman and chief executive.

However, Ms Gordon, saying the group was "pleased with how well our businesses have navigated challenging macroeconomic conditions", also highlighted the impact of the group's calls on commodity markets.

"Our risk management approach has helped us weather volatile raw material markets and kept us on track to deliver our goals," she said.

The Illinois-based company converts corn into a range of products, including animal feed, starches and sweeteners, and raw materials used in industries from paper to pharmaceuticals.

Mexican demand

Excluding the impact of the National Starch deal and currency movements, organic sales growth was strongest in North America, boosted by strong sales of corn-based sweeteners to Mexico and success in passing on higher input costs.

Asia Pacific and South American sales showed small underlying declines on the same basis.

Corn Products shares stood 8.3% higher at $49.12 in lunchtime deals in New York.