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strong>New Monsanto soybean seed gets Japanese OK

Monsanto Co. said Tuesday that its Roundup Ready 2 Yield biotech soybeans received import approval by regulators in Japan, the Philippines and Taiwan. Japan is the No. 3 market for soybeans grown in the United States.

These soybeans will boost yield in the range of 7 to 11 percent over Creve Coeur-based Monsanto’s Roundup Ready soybeans, the company said. Like traditional Roundup Ready crops, Roundup Ready 2 Yield soybeans are genetically modified to withstand applications of glyphosate herbicide, making it easier for farmers to kill weeds.

Higher yields “increase the ability of U.S. soybean growers to supply food, feed and fuel markets domestically and around the globe,” said John Hoffman, president of the Creve Coeur-based American Soybean Association, in a news release.

The yield boost also comes at an opportune time for American growers because soybean prices are soaring, recently topping $11 per bushel, double the 2005 price. The trend is driven by increased global demand and decreased planting, as farmers switched acres to corn to feed the ethanol boom. Advertisement

Monsanto plans a limited product launch for Roundup Ready 2 Yield of 1 million to 2 million acres in the United States next year; and a full-scale release for 5 million to 6 million acres in 2010.

Regulators in the United States and Canada approved Roundup Ready 2 Yield soybeans for planting in July. Monsanto said it is being reviewed for import approval by the European Union, China and other key markets.

China was the top importer of U.S. soybean products last year, buying soybeans and oil valued at $2.59 billion, according to data compiled by the American Soybean Association. Mexico imported soybeans, oil and meal valued at $1.04 billion; Japan, $992 million.