Monsanto (NYSE:MON) Approved for RR2 by Brazil

Monsanto (NYSE:MON) has received approval from Brazil to plant RR2, which should generate $250 million to $300 million annually for the company by 2020.

"MON has applied for Argentine planting approval for Insect Protected RoundupReady2Yield soybeans following an agreement reached in December with northern Argentine soy growers to pay Monsanto for the technology if they use the seed," they added.

Monsanto sees South America as a significant growth market, and could secure a number of significant approvals for sales of a variety of products, generating major income with fewer problems than they face in Europe and the U.S.

RR2 is the first trait Monsanto has developed for a market outside the United States.