Argentine company Bioceres receives green light in US for drought-resistant soybeans

After hearing the news, his shares, which are listed on the Nasdaq, they climbed more than 12% to $ 6.86.

Bioceres, which has already received the endorsement of Brazil for this variety of seed, said that it was the first time that a company in Latin America was receiving approval from the United States.

"This event is unique because large multinationals do not have this technology"said the source, adding that the process is already "to the US approval without restrictions".

The United States, Brazil and Argentina are the world's top three soybean exporters and China's endorsement of the soybean 'HB4 & # 39; is essential to the expansion of the Bioceres product in soybean producers since the Asian country is the world's leading importer of oilseeds.

With the opening of the Chinese market, "We would penetrate between 15% and 25% of Argentina's soybean area (with HB4 soybeans) in the first three to five years"recently declared the executive chairman of Bioceres Argentina, Federico Trucco.

According to the Rosario Stock Exchange (BCR), the area sown to soybeans in the country for the 2018/19 cycle was 17.3 million hectares.

In 2018, China bought 92% of the 3.67 million tons of soybeans exported from Argentina.