Illinois-based Corn Products International, Inc. (NYSE: CPO) stepped into the earnings spotlight this morning, with the food firm reporting first-quarter net income of $17 million, or 22 cents per share, down sharply from $64 million, or 85 cents per share, in the first quarter of 2008. Sales for the period fell 11% to $831.1 million.

The results were impacted by higher net corn costs, softer volumes, and foreign currency translations. Analysts were expecting significantly higher earnings of 49 cents per share, according to Thomson Reuters.

As if the wide earnings miss wasn't enough of a downside catalyst, CPO multiplied its negative momentum by slashing its outlook for the remainder of 2009. "We now anticipate lower volumes in North America due to the economic environment and a slightly longer than anticipated rebound in pricing in Brazil to offset the currency and volume impact," explained Chief Executive Sam Scott.

This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

"Monsanto Company (NYSE: MON), my favorite investment idea for 2009, should prosper regardless of how the economy performs," Charles Rotblut, CFA and editor of Zacks Elite.

In the same sector, Tracey Ryniec, editor of The Zacks Value Trader looks to Corn Products International (NYSE: CPO), noting, "Despite a tough economy, this 100-year old company is positioned to reap the rewards from growth in agriculture."

Regarding Monsanto, Rotblut continues, "Monsanto helps farmers improve their crop yields, via both better seeds and herbicides. In blunt terms, MON provides solutions that most farmers will view as more of a necessity than a luxury.

"The data supports this assessment. Since fiscal 2005, revenues have more than doubled, rising from $5.3 billion to $11.4 billion. Net income has jumped nearly tenfold and free cash flow is up substantially.

"Looking forward, Monsanto thinks fiscal 2009 profits will total $4.20 to $4.40 per share -- an approximate 18% increase over fiscal 2008. The company also thinks that gross profits will grow by a compound annual growth rate of 15% to 20% over the next 3 years.

Corn Products International (NYSE: CPO) manufactures and markets food ingredients and industrial products derived from corn and other starch-based materials. Major offerings include sweeteners, corn oil, salad dressings, shortening, vitamins, corn gluten feed, food-grade starches and industrial starches. The firm operates manufacturing plants in the Americas, Africa and Asia, serving customers in the food, beverage, pharmaceutical, paper, textile, and brewing industries. Archer Daniels Midland (NYSE: ADM) is a major competitor.

Investors were pleased last week, when the company reported fiscal Q1 EPS of 85 cents and revenues of $930.9 million. Analysts had been looking for 71 cents and $867.9 million. Net sales set a record, for the ninth consecutive quarter. The firm also guided FY08 EPS to $2.90-$3.10 ($2.87 consensus) and FY08 revenues to $4.0 billion ($3.78 billion consensus).

"This past year, 40 countries faced food emergencies that required external assistance, with the crisis in Darfur being the most visible example," notes Glenn Rogers in an exceptional research effort on investing in the food and farming sector.

The contributing analyst for Internet Wealth Builder offers a basket of stocks involved in the food chain which he feels will help "fatten your portfolio" in coming years.

He notes, "There are a few things you will need to buy to begin growing food. First, you'll need a tractor to prepare the soil." For that, he turns to The Deere Company (NYSE: DE), a firm that has been manufacturing and distributing agricultural equipment worldwide since 1837.

He explains, "The stock has been on a tear this past year and has risen from the mid-$60s to $112. But the p/e ratio is still reasonable at 17.9 and I think the prospects for the company continue to be excellent."

After you've tilled the soil, he continues, the next thing you're going to need is some seed to plant. For that, he turns to Monsanto (NYSE: MON). Rogers explains, "Monsanto is much more than your average seed company in that they use biotechnology to develop the best sorts of seeds available in the world today."