New growth layers for Monsanto’s R&D pipeline
Fraley discussed oversea growth prospects as well, noting the company’s planned capital investment in an expansion of its corn seed production facilities in Central and Eastern Europe.
“We have a real yield opportunity in Eastern Europe, which has rich, black soil and large tracts of uncultivated, arable land,” Fraley said. “Today, corn yields are about half of what they are in comparable areas of Western Europe. The area is well-positioned geographically as an exporter to the rest of Europe, North Africa and the Middle East and has great potential to really boost productivity with better genetics in corn and canola.”
Fraley said if yields in Eastern Europe can be improved to the level of Western Europe, farmers in the East could produce enough food for 500 million people – and two key components of increased yield are better seed and agronomic practices.