Monsanto to expedite launches of new corn and soy seeds

Monsanto on Tuesday (Nov 10) said it plans to push forward the release date of its new premium corn and soy seeds.

Chairman and CEO Hugh Grant said Monsanto was at an inflection point in its history as a raft of new seeds moved closer to market and replaced waning profits from its Roundup herbicides.

Mix and volume matter more than pure pricing, Grant said of the new seed varieties.

Monsanto raised its planting estimate for the new Genuity SmartStax corn seeds to more than four million acres from a previous pledge of three million to four million. It also plans to boost production so supply will be unconstrained by 2012, a year earlier than originally expected.

The Genuity Roundup Ready 2 Yield soy seeds will be planted on an estimated eight million to 10 million acres, compared with the previous target of seven million to eight million.

Nine more seeds and traits are expected to advance to a higher development stage by January.

Grant said Monsanto's renewed focus on seeds was being aided by an acceleration in regulatory approvals, notably in South America.