LatAm List – Argentina’s biotech company Bioceres received the United States Department of Agriculture’s (USDA) approval for a variety of drought-resistant soybean (HB4). It is the first time that a Latin American company receives approval from the United States for a new seed variety.
“This event is unique because large multi-nationals do not have this technology,” said a Bioceres representative.
Bioceres’ shares in New York increased by 3%, and the company is holding off on commercialization until it receives consent from the largest importer, China, by the end of 2020. China’s approval will be key to the product’s expansion:
“We will penetrate 15 to 25% of all soy acreage in Argentina (with HB4) in a period of three to five years,” said Federico Trucco, chief executive of Bioceres
The seed was developed jointly with US company Arcadia, and is endorsed by Brazil and Argentina– bringing together the three largest soy producers in the world.
Read more on Reuters.