Monsanto May Pull Its Biotech Soybean Seeds From Argentina
Monsanto May Pull Its Biotech Soybean Seeds From Argentina
May 10, 2016, 04:35:00 PM EDT By Dow Jones Business News
Monsanto Co. said it could pull its biotech soybean seeds out of Argentina, one of the biggest overseas markets for U.S. agricultural firms, as it confronts difficulties collecting seed royalties and a decline in the country's currency.
The seed giant is discussing with Argentina's government a royalty-collection plan that Monsanto says is necessary to recoup investment on genetically engineered soybeans that can repel destructive worms, which Monsanto began marketing in Argentina about two years ago.
The administration of Argentina President Mauricio Macri, elected in December, has raised questions around Monsanto's royalty-collection model, in which some farmers pay the fees up front and others pay when they deliver their crops to grain elevators and exporters.
"We are doing a full review of our business plan there," said Michael Frank, chief commercial officer for Monsanto, speaking at an investor conference.
More:
http://www.nasdaq.com/article/monsanto-may-pull-its-biotech-soybean-seeds-from-argentina-20160510-01454#ixzz48HvyO9iA
Don't let the door hit you on your way out, Monsanto.
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