Monsanto, BASF To Add GMO Wheat

Agricultural giants Monsanto and Germany’s BASF announced on July 7 joint plans to make genetically modified wheat. The addition will be the fifth in their collaboration, which already includes corn, soy, cotton and canola. According to the new agreement, the two companies will invest about $1 billion during the collaboration.

The duo will focus on creating products for North America and Australia, to start, with the first “enhanced yielding wheat product expected to reach the market after 2020.” Monsanto will get 60% of profits leaving BASF the remaining 40%. Meanwhile, by 2012, the companies will likely launch the “world’s first genetically modified drought-tolerant corn,” assuming regulatory approval.