UPDATE 1-Approvals for DuPont corn seed product delayed

* DuPont sees delays for approval of its Optimum GAT corn

* Company anticipates Japanese import approval in late '10

* DuPont ag unit still sees more than 15 pct annual growth

By Carey Gillam

CHICAGO, July 7 (Reuters) - DuPont (DD.N) said on Tuesday the rollout of its new corn seed technology was being delayed in key foreign markets.

DuPont's Pioneer Hi-Bred International seed business said regulatory approvals in Japan, Taiwan and Korea were taking longer than expected and the delays will limit the introductory volumes of Pioneer brand corn seed with the Optimum GAT trait to only controlled releases in 2010 and 2011.

The company originally had hoped for commercial introduction of herbicide-tolerant Optimum GAT corn in 2010 as it battles for market share against key rival Monsanto Co (MON.N).

Japanese import approval for Optimum GAT corn is now expected in late 2010 and approvals in Taiwan and Korea -- also large importers of U.S. corn -- should follow, the company said.

U.S. Department of Agriculture approval for Optimum GAT corn is currently on track for this year. But Pioneer spokeswoman Julie Kenney said, even with U.S. regulatory approval, the company would not commercialize the product until it had approvals in the other countries.

"We want to make sure our customers have a place to market the grain," she said.

Full conversion is not likely until after 2015, the company said.

Jeffries & Co. analyst Laurence Alexander said the news was "incrementally negative for DuPont and positive for Monsanto."

DuPont shares fell 3.4 percent to $24.46 on the New York Stock Exchange.

DuPont Vice President and Pioneer President Paul Schickler said the company was disappointed but "confident in our long-term prospects."

The Optimum GAT corn offers herbicide tolerance so farmers can more easily treat fields for weeds.

Separately Tuesday, DuPont reaffirmed its outlook for compounded annual earnings growth of more than 15 percent for its Agriculture & Nutrition business segment through 2013.