Monsanto CEO says drought-tolerant traits key
By Carey Gillam
KANSAS CITY, Mo., Sept 9 (Reuters) - Monsanto Co's (MON.N) sees its future growth and expansion of world food production tied closely to the development of biotech traits that make corn and other crops resistant to drought, the company's chief executive said on Tuesday.
Growing world population and changes in global climate conditions are making water usage a more critical factor in agriculture, CEO Hugh Grant said.
"I think that the conversations around food scarcity will be dwarfed in the future by water utilization," Grant said in remarks made at conference in Kansas City. "It's all about yield. There has never been a greater need for that yield."
St. Louis-based Monsanto, which has become the world leader in genetically modifying crops to resist herbicides and insecticides, plans to have a drought-tolerant corn to market in the next four to five years, Grant said. Its competitors have similar plans underway.
Grant said demand for drought-tolerant crops may provide an opportunity to revive biotech wheat development as well.
Four years ago the company shelved a "Roundup Ready" wheat product that was near commercialization, under intense opposition from wheat producers and wheat buyers who feared negative consumer reaction to genetic tinkering with the key food crop.
But drought-tolerance should be a much more marketable trait for wheat, though it would take at least eight years to bring such a product to market, Grant said.
"The opportunity in wheat is in water management," Grant said.
Grant repeated the company's intentions to market technology that will double yields by 2030 in row crops such as corn, soybeans and cotton, while at the same time reducing required water and fertilizer.
Grant also said he saw opposition to biotech crops in Europe waning.
"The situation in Europe is actually improving," Grant said. He cited Germany and Spain specifically as bright spots for acceptance of genetically modified crops. (Reporting by Carey Gillam; Editing by Derek Caney)
