DOW JONES NEWSWIRES
Monsanto Co. (MON) and Dow Chemical Co. (DOW) received U.S. and
Canadian approvals for their SmartStax corn seed technology,
clearing the way for the product to hit the market in 2010.
Such technologies raise hackles among some, who fear what
effects they may have on the environment and food safety. However,
those concerns are less prevalent in North America than in Europe,
and developers have said the technologies provide a way to feed
more people with less damage from chemicals and land clearing.
SmartStax, the product of a 2007 collaboration agreement,
combines each company's corn traits to provide farmers broader
protection against insects and weeds. Monsanto Chief Technology
Officer Robb Fraley said the technology "will give farmers a
tremendous advantage to increase whole farm corn yield 5% to
10%."
The companies expect to offer the seeds to farmers of 3 million
to over 4 million acres in the first year of availability.
Monsanto and Dow are working with other countries to have import
approvals in place in time for the 2010 U.S. season.
In after-hours trading, Monsanto shares were up 3.6% to $79.31.
Dow shares were up 0.6% to $17.91, adding to a 4.8% rise during the
regular session.
-By Jay Miller, Dow Jones Newswires; 212-416-2355;
jay.miller@dowjones.com