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Agricultural heavyweight Monsanto could be set to pull its biotech soybean seeds from Argentina with the firm currently undertaking a “full review” of its “business plan in the country,” reports said [May 10].
Such a move — reportedly prompted by recent difficulties over collecting seed royalties and the changing value of the local currency — would drastically reshape the country’s huge agricultural sector, with Argentina at the moment being one of the firm’s biggest overseas markets.
According to a report [May 10] by The Wall Street Journal, the multinational giant is far from satisfied with the current state of affairs in Argentina. The conglomerate is currently locked in talks with the government over its controversial royalty-collection plan, which the firm argues is essential in order to make a profit. The plan refers to key genetically enhanced soybeans seeds.
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According to the government’s new rules, Monsanto won’t be able to collect royalties — a move that has led the firm to apparently reconsider its holdings and business in Argentina.
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Argentina is considered a key market for many agricultural firms, ranking as one of the world’s top crop-producing countries. . . Monsanto, for example, took in more than five percent of its US$15-billion sales turnover in the country through seeds and herbicides. . . .
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