Monsanto soybeans get import approvals

Monsanto Co., based in Creve Coeur, said Tuesday its Roundup Ready 2 Yield biotech soybeans received import approval by regulators in Japan, the Phillippines 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 Monsanto’s Roundup Ready soybeans that have been on the market for more than a decade, the company said. Like traditional Roundup Ready crops, they are genetically modified to withstand applications of glyphosate herbicide, making it easier and more efficient for farmers to kill weeds.

Monsanto said it plans to launch Roundup Ready 2 Yield soybeans in 2009 by selling seeds sufficient for 1 million to 2 million U.S. acres. A full-scale launch for planting on 5 million to 6 million acres would come in 2010.

Regulators in the United States and Canada approved the product for planting last July. Monsanto said it is being reviewed for import approval by agencies in 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.