Ceres Gets Approval For Testing Biotech Sugarcane In Brazil

Ceres, Inc. (Nasdaq: CERE) revealed it received approval to initiate field testing of its biotech sugarcane in Brazil, the world's biggest producer of sugarcane. According to the company, it plans to test its biomass, as well as sugar yield and stress tolerance traits in several commercial sugarcane cultivars adapted to Brazil's major production areas.

Ceres said the field evaluations, which were approved by the Ministry of Science in Brazil, are expected to start in the next six weeks. The company added that the field evaluations represented a critical stage in the development of biotech crop traits, as they provide greater insight into how traits may perform in future products in an agricultural setting.

The company's President and CEO Richard Hamilton said, "We believe we have a significant opportunity to bring innovative technology to the sugarcane market, with immediate opportunities to increase sugar yields and preserve the yields in the kind of drought conditions that have been prevailing in Brazil in recent years."

Ceres expects to have important results from field evaluations outside of Brazil in the next three months while the results from Brazil are expected next year. Sugarcane was a global crop with over 65 million acres harvested on an annualized basis throughout the world. That included about 25 million acres in Brazil.

On Wednesday, the stock ended 4 percent higher.

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