Monsanto Co. has received regulatory approval in China for the importation of its Roundup Ready 2 Yield soybeans, the company said Thursday.
This is welcome news to farmers, who say that as the standard of living continues to rise in China, so too will the demand for soybeans.
China imports accounted for approximately 38 percent of U.S. soybean exports in 2007, making it the largest purchaser of U.S. soybeans.
These soybeans are designed to be resistant to Roundup herbicide, another Monsanto product, and have larger crop yields. They demonstrated a yield about 7 to 11 percent larger over Monsanto’s earlier version, the company said, and will be introduced on one to two million acres for the 2009 season as part of a controlled commercial release.
Johnny Dodson, a soybean producer from Halls, Tenn., and first vice president of the American Soybean Association applauded the news. "China's approval of the Roundup Ready 2 Yield soybean prior to the 2009 seed-buying season is welcome news to U.S. soybean farmers," Dodson said in a statement. "Timely overseas regulatory approvals are critical because growers have rapidly adopted new biotech-enhanced seed varieties as they became available.
Creve Coeur-based Monsanto Co. (NYSE: MON) develops insect- and herbicide-resistant crops and other agricultural products.
(St. Louis Business Journal)
No comments:
Post a Comment