Monsanto (MON) Approved for Corn Pilot Project in Mexico

Mexico has approved a request by Monsanto (NYSE:MON) to begin a pilot project to grow genetically-modified corn in the country.

The Agriculture ministry of Mexico announced it has approved the pilot project on one hectare of land in Tamaulipas state.

Mexico lifted an 11-year ban on genetically modified corn in 2005 in response to the need for Mexico to develop a stronger domestic crop, as they've relied on corn imports in the United States, especially of the yellow corn variety.

Since 2009 Mexico has granted 67 permits to grow genetically modified corn at the experimental stage, which is the first step before bringing it to the pilot stage, where Monsanto is at now.

Monsanto closed Thursday at $67.09, dropping $2.31, or 3.33 percent.