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In about three years' time Monsanto expects to launch its first "drought tolerant" products. It is examining several ways of making plants more tolerant of drought. One is to improve the roots' take-up of water. Another is to reduce water loss through the leaves. A third is to alter plants' reaction to lack of water. When stressed, a plant shuts down growth in order to conserve what it has. They often over-react, and use a lot of energy when they restart. Genetic modification can help it interpret water conditions more accurately and avoid unnecessary stops and starts.
Because water shortages are predicted for many parts of the world, Monsanto expects these drought-tolerant plants to be a huge commercial success. The first of them will be corn, intended for a dry strip of America running from northern Texas to the Dakotas. Drought-tolerant technology has also prompted Monsanto to start focusing on dry-land wheat. Wheat acres have declined in recent years, contributing to shortages. In July the company paid $45m for WestBred, a wheat-seed firm.
Trust and antitrust
Acquisitions have been a key part of Monsanto's strategy, giving it access to new seed markets. In 2005, it began to apply biotech to vegetables after buying Seminis, the world's largest vegetable-seed company, for $1.4 billion. Since it was spun off, Monsanto has made more than 20 acquisitions (as well as several disposals). Those purchases are one reason why it was singled out as an appropriate target for the antitrust authorities in a paper published in October by the American Antitrust Institute, an independent competition watchdog. The paper laments the "impaired state of competition in transgenic seed"-which it blames on Monsanto above all.
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