Monsanto signs royalty deals with Argentine farmers

Source: Reuters

Bruised by a lengthy battle over royalties in Argentina, U.S. seed giant Monsanto is asking the nation’s farmers to sign contracts promising to pay to use the company’s new seed technology.

Argentina is one of the world’s biggest soybean exporters and production is growing, making it a huge potential market for Monsanto’s new genetically modified (GM) Roundup Ready 2 Yield soy variety.

The company, however, is wary of Argentine laws because its original Roundup Ready soy variety was never patented in the South American country — although it became ubiquitous — provoking years of legal wrangling with the government.

The latest Roundup Ready seeds have been patented but Monsanto hopes to guarantee payments on their technology by signing agreements with individual Argentine farmers who are seeking to boost yields.

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