Monsanto said last week that it plans to increase seed prices up to 10 percent overall next year while it holds certain hybrid seed prices flat for farmers unwilling to pay premiums for the company's genetically modified seed technology.
"We have to have a balanced approach," said Monsanto Chief Financial Officer Carl Casale. "You've got to continue to acquire new customers."
Casale said price increases for 2010 would range from 8 percent to 10 percent across the portfolio on average but some seed offerings would see prices held flat as part of an effort to give broader choice to farmers.
The company plans to introduce at least one new product every year for the next seven years, officials said.
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