Monsanto Co. (MON:US), the world’s largest seed company, was authorized by Argentina to market its latest genetically modified soybeans to farmers.
The Intacta RR2 Pro is resistant to Monsanto’s Roundup Ready herbicide and kills insects, St. Louis-based Monsanto said today in an e-mailed statement.
Argentine farmers for the past decade have used Monsanto seeds from previous harvests without paying royalties. Monsanto said earlier this week it is working on payment agreements. Argentina is the world’s largest shipper of soy behind the U.S. and Brazil.
Monsanto said it is still waiting for China to approve imports of the Intacta soybean. China is the largest buyer of the oilseed.
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