China has approved the import and use of Argentine biotechnology firm Bioceres Crop Solutions’s drought-resistant soyabean strain.
Bioceres said in a 29 April statement that China’s Agriculture Ministry had approved the import and use as a raw material of soyabeans produced using its drought tolerance technology HB4.
According to a Bloomberg report, HB4 is the first drought-resistant soyabean available to farmers and the endorsement from the world’s largest consumer of soyabeans paves its way for entry into a key market.
“HB4 Soy is now approved for unrestricted growth and commercialisation in the United States, Canada, Brazil, Argentina and Paraguay, all together representing roughly 85% of the global soybean trade,” Bioceres said.
“Before, there was a commercial risk that maybe the product would be rejected in China,” Bioceres CEO Federico Trucco. “Now, the approval allows the sale process to escalate.”
Bioceres sees a total potential market for HB4 of 20M-25M ha in Argentina, Brazil and the USA, mostly in areas more affected by weather extremes, such as La Niña in Argentina and Brazil’s south, Bloomberg wrote.