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Monsanto and Dow cross-license biotech corn traits

ST. LOUIS (AP) -- Monsanto and Dow AgroSciences LLC said Thursday they reached a new licensing agreement to collaborate on biotech-engineered corn that is resistant to herbicide and insects.

Under the agreement, Monsanto will license Dow's new Enlist weed control technology, which allows corn to tolerate weed-killing chemicals. Dow will license the upcoming version of Monsanto's Corn Rootworm technology, which kills tiny insects that feed on corn roots. Financial terms of the deal were not disclosed.

The agreement builds on previous collaborations between the two agriculture giants, including the currently marketed SmartStax corn, which includes technology developed by both Monsanto and Dow.

Dow AgroSciences is a unit of Midland, Mich.-based Dow Chemical Company.

Last month Monsanto and rival DuPont reached a deal to dismiss pending patent lawsuits against one another over technology used in genetically modified soybean and corn seeds.

Shares of Monsanto rose $1.20 to $106.85 in afternoon trading.