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American biotechnology company Calyxt Inc has agreed to sell its entire 2020 gene-edited soybean crop to agribusiness giant ADM.
The company said Dec. 14 that the sale totaled about 4 million bushels of its high-oil soybeans, which launched in 2019 as the first commercially approved gene-edited food in the U.S.
Reuters reported that Calyxt said the nut had zero fat trans per serving and less saturated fats, and as part of the deal, ADM would crush the soybeans as well as market and sell the resulting oil and flour.
With soybean prices around US$$11.50/bushel, the deal would contribute at least US$$45 million to Calyxt's revenue, excluding the premium it would charge for the oilseed, the company said. Reuters.
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The deal came amid a supply shortage in the US due to rising demand from domestic processors and lower global soybean stocks due to a months-long dry spell in Argentina, the news agency reported.
This led to an expectation that US soybean ending stocks for the 2020/21 marketing year would be at their lowest level in seven years.
Forecasts for world soybean stocks were cut from 86.52 million tonnes to 85.64 million tonnes, against expectations of 85.11 million tonnes, based on an average of estimates provided in a survey by Reuters.
This text was automatically translated from English.
Source: Oils & Fats International (OFI)
