Monsanto Refocuses Biotech Wheat Strategy, Announces 2Q02Results

Monsanto Refocuses Biotech Wheat Strategy, Announces 2Q02Results

ST. LOUIS--Monsanto Co. may be postponing the launch of itsgenetically engineered wheat strain, according to a report from Reuters.Reportedly, the biotech company is "shifting its strategy" toemphasize enhanced health, taste and texture traits for increased consumerappeal. The wheat strain was set to be released in 2005, although the newrelease date is unknown. "The bald facts are we're never going to sell aseed of biotech wheat until we know we have demand out there," Monsantospokesman Michael Doane told Reuters.

In related news, Monsanto released its second quarter (2Q02) financialresults for the period ended June 30. Net sales for the quarter were $1.6billion, down 21 percent from 2Q01's $2 billion. Monsanto's 2Q02 net income was$147 million, or $0.56 per share, compared to $389 million, or $1.47 per share,in the comparable period last year. The company reported the losses were due toa global decrease in volume and price for its Roundupherbicide, as well as lower sales in Latin America. However, the U.S. acreagefor the company's biotech traits in 2002 increased by an estimated 5 percent to89.5 million acres.