3/17/2010-Shares of Monsanto (NYSE:MON) are trading 0.9% higher to $72.72 Wednesday after a U.S. federal judge denied a proposed ban on the company's genetically modified sugarbeet seeds, clearing the way for farmers to plant them this year.
The ban could have potentially led to billions of dollars in losses for farmers and food companies as the vast majority of sugarbeets--beet sugar is a staple in many processed foods and beverages--were grown using genetically modified seeds last year.
A coalition of organic-seed growers and conservation and food-safety groups had tried to stop the planting this year of the biotech seeds on the grounds that the U.S. Department of Agriculture did not do an acceptable assessment of the risk to the environment.
Paul Achitoff, attorney for Earthjustice, another organization that sought the temporary ban, doesn't believe the move against the preliminary injunction is indicative of the prospects for a permanent ban and expressed optimism that will happen.
Keywords: Monsanto Ban sugarbeet seeds
Ticker(s): MON
