LONDON, UK / ACCESSWIRE / July 25, 2016 / Active Wall St. blog coverage looks at the headline from Monsanto Co. (NYSE: MON) as the European Union approved Monsanto's Roundup Ready 2 Xtend biotech soybeans on July 22, 2016. The approval comes after a long delay on health concerns over glyphosate herbicide delaying the U.S. seed giant's product launch this spring. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

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The Ruling

"Today the Commission authorized three GMOs for food/feed uses (soybean MON 87708 x MON 89788, soybean MON 87705 x MON 89788 and soybean FG 72), all of which have gone through a comprehensive authorization procedure, including a favourable scientific assessment by EFSA," the European Commission said in a statement on July 22, 2016. The authorization is for a period of 10 years; however the EU warned that "any products produced from these GMOs will be subject to the EU's strict labelling and traceability rules."

The "Roundup Ready 2 Xtend" soybeans are genetically modified to resist a powerful combination of herbicides. Following the ruling Monsanto's beans are now sanctioned to be used both to feed animals and in human food, but not for cultivation in the EU. EU is the second biggest customer of soybean, according to the World Wide Fund for Nature the entire block produces less than 1 million tons of soya a year while it imports around 35 million tons, relying on the beans to meet demand for meat and dairy products. World's largest soybean importer China approved the seeds in February 2016.

Clearing the Launch

The approval removes uncertainty for Monsanto, which is involved in merger talks by German suitor Bayer AG, whose sweetened $64-billion buyout offer was rejected by Monsanto last week. Monsanto had already had sold the soybean seeds to U.S. farmers this year, under the assumption that it will get approval from EU officials based on prior submission timelines. With the EU delaying the approval major grain traders companies such as Archer Daniels Midland Co. and Bunge Ltd., refused to purchase the soybeans from farmers without approval from the EU once the crop had grown on concerns that some of those soybeans might end up in EU-bound shipments and get rejected by import officials. Archer Daniels Midlands told Reuters on Friday, its elevators and processing plants will now accept the Xtend soybean variety.

"With both the EU and Chinese import approvals and the U.S. Environmental Protection Agency (EPA) in the final stages of review for over-the-top use, Monsanto can now look forward to a full system launch in the United States in 2017 and continues to be in a strong position to supply roughly 15 million U.S. soy acres when the selling season arrives," the company said.

Opposition

The consent closed a key victory for Monsanto amid regulatory delays and controversy over whether glyphosate, the chemical in its popular Roundup herbicide can be a cause of cancer. Environmental, consumers and farmer advocates have been fiercely opposing the new GMO Xtend seeds over health and environmental fears.

Stock Performance

Monsanto's shares declined marginally on Friday at $105.68 down by 0.40%, with 1.82 million shares changing hands.

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SOURCE: Active Wall Street