Bayer AG and BASF SE revealed March 10 that they plan to introduce genetically modified soybean seeds to their farms in Brazil this year.

Bayer CropScience is offering soybean seed varieties resistant to the herbicide glufosinate ammonium. These seeds will be available for the planting season that starts in October. BASF SE plans to offer their own herbicide-resistant soybean varieties for the next planting season.

Soybeans account for around 50% of Brazil's total grain and fiber output, and the country is supportive of genetically modified organisms. About 94% of Brazil's soybean plantings have been modified to resist glyphosate.

Bayer and BASF will into GMO soybean seeds in Brazil this year. (Photo: Yelena Yemchuk/Thinkstock)

The global market for seed treatment in soybean is forecast to grow at a compound annual growth rate of 9.5% between 2015 and 2020, as noted in a recent industry report. This growth could be higher if Bayer and BASF's attempts in Brazil prove successful, as they are likely to further invest in soybean genetic engineering techniques. It may also encourage neighboring countries in South America to embrace biological seed treatment.

The global market for biological seed treatment is projected to reach a value of USD 560.98 by 2019, as forecast in a crop farming market report. The report names BASF, Bayer and Monsanto as the leading companies in this market, and their contest for Brazil is likely to result in higher market growth than predicted.

Source: http://www.bloomberg.com/news/articles/2016-03-09/bayer-plans-to-take-on-monsanto-in-brazil-with-gmo-soybean-seeds