UPDATE 1-Monsanto says on track for new corn, soy launch

* Sees third of gross profit growth from new products

* Third of cost cuts seen realized in FY 2010

* Shares up premarket

KANSAS CITY, Sept 15 (Reuters) - Monsanto Co (MON.N) said on Tuesday it was on track to roll out new corn and soybean products next year that were expected to create approximately one-third of the company's gross profit growth to 2012.

Monsanto said it planned to launch its Genuity SmartStax corn with a goal of plantings on 3 million to 4 million acres, while Monsanto was aiming its Genuity Roundup Ready 2 Yield soybeans to launch on 7 million to 8 million acres.

Monsanto also said its previously announced restructuring efforts, which include cutting 1,800 employees, should realize one-third of targeted cost cuts of $220 million to $250 million annually, in fiscal year 2010. The full benefit of the savings is expected to be realized beginning in fiscal year 2011.

Monsanto has been shifting its focus from its herbicide business, which has been suffering from growing competition and price pressure, to its highly profitable seeds and traits business.

The St. Louis-based company said last week it expects ongoing earnings per share of $3.10 to $3.30 for the current fiscal year, which began Sept. 1.

Monsanto shares were up 42 cents at $78.50 in premarket trade on the New York Stock Exchange. (Reporting by Carey Gillam, editing by Dave Zimmerman)