UPDATE 1-Bayer says cracked rapeseed gene code

* Bayer pins hope of faster development on genetic map

* Had 250 mln euros in sales related to rapeseed in 2008

* Bayer is world's largest supplier of GM rapeseed (Adds quote, details, background)

FRANKFURT, Oct 9 (Reuters) - Germany's Bayer (BAYGn.DE), the world's largest supplier of genetically modified (GM) rapeseed seeds, mapped out the entire genetic code of the oil plant, in bid to speed up development of new varieties.

"This will allow us to speed up our current research and breeding programmes," the head of Bayer's oilseed research programme, Bart Lambert, said in a statement on Friday.

Academic researchers in China and Australia, as well as Dutch Biotech firm Keygene N.V. contributed to the project, Bayer added.

Rapeseed, also known as canola, is used for food oil and it is a common feedstock for biofuel in Europe.

Bayer made 250 million euros ($370 million) in sales from modified rapeseed seeds and from pesticides for rapeseed farmers last year, about 15 percent of the global market.

Bayer, also Germany's largest pharmaceuticals maker, is developing new rapeseed seeds both through conventional breeding aided by modern genetic analysis and by directly manipulating the plant's genes.

Rapeseed is the latest in a string of agricultural plants that have been decoded by scientists.

Myriad (MYGN.O) and Syngenta (SYNN.VX) decoded rice in 2001. Academic researchers in the United States are close to mapping out the maize genome. French scientists last year said they had found a way to sequence the entire genetic code of wheat, seen as particularly complex.

Bayer expects the global market for genetically modified seeds for farming to grow 6 percent per year through 2018. (Reporting by Ludwig Burger; Editing by Rupert Winchester)