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Old 30-05-2003, 12:20 PM
Torsten Brinch
 
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Default RR Wheat - but who wants it? (was GM German Wheat Trials...)


MGEX passes biotech wheat rule, KCBT mulls one too

KANSAS CITY, Mo. - With the world's first biotech wheat making
its way through the regulatory approval process, the Minneapolis
Grain Exchange this week approved a rule that allow companies
to avoid biotech wheat deliveries.

With a vote of 126 to 53, MGE members approved a provision that
allows those companies accepting deliveries of spring wheat to
fulfill futures contract obligations the choice of specifying
non-biotech wheat.

The resolution becomes effective with the July 2004 hard red spring
wheat futures contract and all subsequently listed trading months.

Genetically modified wheat currently is not available in the
marketplace, but Monsanto Co (MON.N) is seeking approvals in Canada
in Japan and plans to first commercialize its herbicide-resistant
wheat in spring wheat varieties.

MGEX officials described the new rule as a proactive measure aimed at
preserving order and heading off disputes that could arise in the
future as biotech wheat comes to market.

With a nod to the MGEX, members of the Kansas City Board of Trade were
also taking up the issue. The exchange's wheat contract committee will
be discussing if a similar rule is needed in Kansas City, said KCBT
president Bob Petersen.

"That will be an issue here. We're just now starting to wrestle with
it," Petersen said.

"What we're presuming is that Monsanto will get approval sometime in
the next 12 months," said Petersen.

Monsanto has not said when or if it would commercialize a hard red
biotech variety after it launches its Roundup Ready spring wheat, but
the exchange wants to be prepared, said Petersen.

"Minneapolis is kind of on the front lines of that so we'll watch and
see how they handle that issue," he said.