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    monsanto 200412/08 monsanto 200412/08 Presentation Transcript

    • Robert T. Fraley, Ph.D. Chief Technology Officer and Executive Vice President 15th Annual Chemical Conference Smith Barney Dec. 8, 2004 1
    • Forward-Looking Statements Certain statements contained in this presentation, such as statements concerning the company's anticipated statements financial results, current and future product performance, regulatory approvals, currency impact, business and regulatory financial plans and other non-historical facts are quot;forward-looking statements.quot; These statements are based on non- quot;forward- current expectations and currently available information. However, since these statements are based on factors that However, involve risks and uncertainties, the company’s actual performance and results may differ materially from those those company’ described or implied by such forward-looking statements. Factors that could cause or contribute to such differences forward- such include, among others: the company's exposure to various contingencies, including those related to Solutia Inc., contingencies, litigation, intellectual property, regulatory compliance (including seed quality), environmental contamination and (including antitrust; fluctuations in exchange rates and other developments related to foreign currencies and economies; increased generic and branded competition for the company's Roundup herbicide; the accuracy of the company’s Roundup company’ estimates and projections, for example, those with respect to product returns and grower use of our products and oduct pr related distribution inventory levels; the effect of weather conditions and commodity markets on the agriculture conditions business; the success of the company’s research and development activities and the speed with which regulatory regulatory company’ authorizations and product launches may be achieved; domestic and foreign social, legal and political and developments, especially those relating to agricultural products developed through biotechnology; the company’s company’ ability to successfully market new and existing products in new and existing domestic and international markets; the company’s ability to obtain payment for the products that it sells; the company's ability to achieve and maintain company’ protection for its intellectual property; the effects of the company's accounting policies and changes in generally company's accepted accounting principles; the company's ability to fund its short-term financing needs; general economic and its short- business conditions; political and economic conditions due to threat of future terrorist activity and related military threat action; and other risks and factors detailed in the company's filings with the U.S. Securities and Exchange filings Commission. Undue reliance should not be placed on these forward-looking statements, which are current only as of forward- the date of this release. The company disclaims any current intention to revise or update any forward-looking intention forward- statements or any of the factors that may affect actual results, whether as a result of new information, future events or otherwise. 2
    • Additional Disclosures This presentation uses the non-GAAP financial measure of earnings per share (“EPS”) excluding the effect of non- (“ EPS” certain items. A non-GAAP EPS financial measure (which we sometimes refer to as EPS on an ongoing basis) may non- on exclude the impact of restructuring charges, charges associated with the settlement of litigation, gains and losses on the sale of assets, and certain other items. The specific items that are excluded from, and result in, our non- items non- GAAP EPS financial measure are clearly identified as such in this presentation. The presentation of EPS excluding this the effect of certain items is intended to supplement investors’ understanding of our operating performance. This investors’ non-GAAP financial measure may not be comparable to similar measures used by other companies. Furthermore, non- this non-GAAP financial measure is not intended to replace net income (loss), cash flows, financial position, or non- (loss), comprehensive income (loss), as determined in accordance with accounting principles generally accepted in the accounting United States. The non-GAAP financial measure used in this presentation is reconciled to the most directly non- to comparable financial measure calculated and presented in accordance with GAAP and can be found at the end of accordance this presentation. Fiscal Year In this presentation, unless otherwise specified: References to years, or to fiscal years, 2001 through 2006 are on a fiscal year basis and refer to the 12-month period on 12- ending August 31. Trademarks Roundup, Roundup Ready, Bollgard, Bollgard II, YieldGard, Asgrow, DeKalb, VISTIVE, and the Monsanto, Imagine and Asgrow, vine logo are trademarks owned by Monsanto Company and its wholly owned subsidiaries. All other trademarks are wholly the property of their respective owners. © 2004. Monsanto Company. All Rights Reserved. 3
    • Overview Biotechnology Is Most Rapidly Adopted Technology in History of Agriculture Global Monsanto Planted Biotech Acres Acres in millions 180 Canola 160 Cotton 140 Corn 120 Soybeans 100 80 60 40 20 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: Monsanto estimates 4
    • Overview Biotechnology Provides Better Economical and Environmental Solutions Effect of Biotech Crops on U.S. Pesticide Use in 2003 Million Lbs. Soybeans (20) Corn (13) Cotton (13) Canola (0.2) Total Reduction in (46) Pesticide Use Source: “US Agriculture of Biotechnology Derived Crops Planted in 2003 – An Update of Eleven cases of Eleven Case Studies,” National Center for Food & Agriculture Policy. October 20, 2004 Studies,” 2004 5
    • Overview Early, Major Investment in Seeds Captured Value Shift Monsanto Seed Partners Share American Seeds Brand Share Monsanto Brand Share Monsanto Genetic Market Share in U.S. Corn Seed 49% 60% 48% 45% 43% 50% 40% 30% 20% 10% 0% 2001 2002 2003 2004 Source: Monsanto Estimates 6
    • Overview Monsanto Now Services Seed Market Through Three Outlets Genomics-Based R&D Pipeline American Seeds, Inc. Branded Seed Seed Businesses Partners Autonomous Autonomous Autonomous Seed Co. Seed Co. Seed Co. 7
    • Overview Product Development, Regulatory and Commercial Experience Generate Momentum 140 120 100 80 U.S. Trait Acres 60 40 2004 20 0 MON DD BAY DOW SYT BAS 30 25 20 15 USDA Biotech 10 Approvals 5 0 MON DD BAY DOW SYT BAS 6 5 4 Pipeline products 3 in USDA 2 1 review process 0 MON DD BAY DOW SYT BAS 8
    • Round 1: Seed and Single-Trait Positions Firmly Established and Growing • Seed Breeding Advancements • First-Generation Traits • Geographic Expansion • Value Capture Round 1 9
    • Round 1: Breeding Industry’s Most Diverse Genetic Pool Created New Opportunities 6-to-8 year process 6-to-8 year Late 1990s Early 2000s Today Acquired 36 major corn Crossed genetic lines Launching new hybrids breeding programs across acquired from inter-company (12 countries x average of 3 companies crosses companies per country) Temperate Temperate Sub-Tropical Sub- Sub-Tropical Monsanto corn Tropical Tropical germplasm flows globally Sub-Tropical Sub- Sub-Tropical Temperate Temperate 10
    • Round 1: Breeding Yield Gains from Seed Breeding Accelerating High Performing Germplasm MON 2004 Branded Yield vs. Competitors MON 2004 Branded Yield vs. Competitors Soybean Yield (Bushels/Acre) Corn Yield (Bushels/Acre) 65 220 Monsanto Brand Monsanto Brand 210 Competitors Competitors 60 200 55 190 180 50 170 45 160 150 40 95 100 105 110 115 Group I Group II Group III Group IV Group V Relative Maturity (Days) Maturity Zones Source: Monsanto estimate, includes ASI formation 11
    • Round 1: Geographic Expansion Available Market for Roundup Ready Corn Is Growing Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms 20M Available Market 50M 5M 20M Available Market 50M 5M Genomics Percent Penetrated (2004) 33% 0% 0% Percent Penetrated (2004) 33% 0% 0% 1 Regulatory Processes Conventional Breeding European Union Molecular 22 products in regulatory queue Breeding under Directive 2001/18; 11 from Monsanto Crop Analytics Roundup Ready corn (NK603) Biotechnology approved for importation and whole corn feed in July 2004; approved for Novel Food in October 2004 Applications for stacks in queue Argentina NK603 approved for planting in Argentina in July 2004 Application for stacks in queue Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 12
    • Round 1: Geographic Expansion Available Market for Roundup Ready Corn Is Growing Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms 20M Available Market 50M 5M 20M Available Market 50M 5M Genomics Percent Penetrated (2004) 33% 0% 0% Percent Penetrated (2004) 33% 0% 0% 2 Grain Channeling in the United States Conventional Breeding Business Approach Molecular Breeding Website indicates to farmers which elevators in their area Crop Analytics accept biotech grain not yet approved for import into the European Union Biotechnology Communication and education program under way Percent of growers citing grain marketing concerns has dropped from roughly 60% to nearly 30% in past year* *Based on Roundup Ready corn surveys taken in fall of 2003 and spring of 2004 in Eastern Iowa/Northern Illinois region www.866sellcorn.com Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 13
    • Round 1: First-Generation Traits YieldGard Rootworm Continues High Satisfaction Pattern with Biotech Traits Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms 5M Available Market 15M-20M 15M- 1M 5M Available Market 15M-20M 1M Genomics Percent Penetrated (2004) 9% 0% 0% Percent Penetrated (2004) 9% 0% 0% 1 Grower Satisfaction Conventional Breeding Percent of customers very or somewhat satisfied1 Molecular Breeding 100% 80% Crop Analytics 60% Biotechnology 40% 20% 0% Roundup Roundup Bollgard/ Roundup YieldGard YieldGard Ready Roundup Rootworm Corn Ready Ready Ready Corn** Borer* Soybeans* Cotton* Corn* Cotton* 1Based on all growers using specified seed and treatment and able to answer very satisfied, somewhat satisfied, neutral, or not satisfied. satisfied. *Source: Marketing Horizons Trait Satisfaction Studies 2002 **Source: Marketing Horizons Trait Satisfaction Studies 2004 Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 14
    • Round 1: First-Generation Traits YieldGard Rootworm Continues High Satisfaction Pattern with Biotech Traits 2 Split Planter 32-Inch Rows – Rock County, MN – August 2004 1. DEKALB DKC46-22 – YieldGard Rootworm DKC46- 2. Mycogen 2K541 Cruiser 3. DEKALB DKC42-88 – YieldGard Rootworm DKC42- 4. DEKALB DKC52-40 – YieldGard Rootworm DKC52- 5. Wensman W6212RR untreated 6. DEKALB DKC42-88 – YieldGard Rootworm DKC42- 7. Pioneer 38H66 Cruiser 8. DEKALB DKC51-39 – YieldGard Rootworm DKC51- 9. DEKALB DKC47-10 P250 DKC47- 10. DEKALB DKC46-28 P250 DKC46- 11. DEKALB DKC42-88 – YieldGard Rootworm DKC42- 12. DEKALB DKC46-22 – YieldGard Rootworm DKC46- 13. AgVenture 4882RR Cruiser CRW 14. Channel 6965RR Cruiser CRW 15. DEKALB DKC42-88 – YieldGard Rootworm DKC42- 16. Kruger 93P92 untreated 1 1 15 15 3 3 4 6 8 11 12 4 6 8 11 12 15
    • Round 1: First-Generation Traits YieldGard Rootworm Continues High Satisfaction Pattern with Biotech Traits Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms 5M Available Market 15M-20M 15M- 1M 5M Available Market 15M-20M 1M Genomics Percent Penetrated (2004) 9% 0% 0% Percent Penetrated (2004) 9% 0% 0% 3 Advantage of Bigger and Healthier Roots Conventional Breeding From 172 field trials in Illinois in 2004 Molecular Breeding − YieldGard Rootworm had greater yield than competition Crop Analytics − Just under 12 bushels per acre advantage, or just over $33 per acre Biotechnology 520 220 500 210 200 480 190 460 Yield (Bushels/Acre) Gross Income ($/Acre) YieldGard Rootworm Competition Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 16
    • Round 2: Monsanto Is Uniquely Positioned To Bring Next Generation of Traits to Market • Continued Growth from Round 1 • Second-Generation Traits • Greater Intensity of Stacked Traits Round 1 Round 2 17
    • Round 2: Second-Generation Traits Roundup Ready Flex Cotton Raises the Bar Key Market Acres U.S. Australia Key Market Acres U.S. Australia Contributing Platforms 0.5M – 0.8M Available Market 10M-15M 10M- 0.5M – 0.8M Available Market 10M-15M Genomics 0% Percent Penetrated 0% 0% Percent Penetrated 0% 1 Expanded Window of Application Conventional Breeding Molecular Expanded window of over-the-top application Breeding - Increased margin of crop safety Crop Analytics - More “flexible” weed control Increased grower convenience Biotechnology Reduced need for specialized spray equipment Over-the-top window of application Roundup Ready® Flex Cotton Roundup Ready® Cotton (< 4 lf.) Emergence Layby Preharvest Harvest Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 18
    • Round 2: Second-Generation Traits Roundup Ready Flex Cotton Raises the Bar Key Market Acres U.S. Australia Key Market Acres U.S. Australia Contributing Platforms 0.5M – 0.8M Available Market 10M-15M 10M- 0.5M – 0.8M Available Market 10M-15M Genomics 0% Percent Penetrated 0% 0% Percent Penetrated 0% 2 2004 Field Trial Update Conventional Breeding Molecular Over 200 field trials conducted in Breeding 2004 Crop Analytics Biotechnology 8 cotton seed companies participating in trial program Cotton States launching exclusively on a second-generation trait platform Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 19
    • Round 2: Second-Generation Traits Broad Licensing Supports Roundup Ready Flex Introduction Key Market Acres U.S. Australia Key Market Acres U.S. Key Market Acres U.S. Australia Contributing Platforms 0.5M – 0.8M Available Market 10M-15M 10M- 0.5M – 0.8M Available Market 10M-15M Genomics 0% Percent Penetrated 0% 0% Percent Penetrated 0% 3 Broad Licensing Conventional Breeding Broad licensing mitigates risk of seed market share Molecular changes Breeding U.S. cotton seed market shares DPL 100% Crop Analytics Stoneville FiberMax Biotechnology Phytogen 75% Others 50% 25% 0% 1999 2000 2001 2002 2003 2004 Source: USDA Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 20
    • Round 2: Stacked Traits Stacking Biotech Traits Adds New Dimension to Market Potential — Multiplying Margin Opportunities Monsanto U.S. Biotech Intensity Index* Average number of biotech traits per biotech acre 1.6 Cotton (2 Traits) 1.5 Corn (3 Traits) 1.5 Soybeans (1 Trait) 1.4 1.3 1.2 1.2 1.1 1.0 1 1996 1997 1998 1999 2000 2001 2002 2003 2004F 2005F 2006F U.S. Biotech Margin Opportunities Corn Cotton 16 million 52 million 10 million 1.2 42 million 1.5 biotech biotech X = biotech X = intensity biotech intensity margin margin acres index acres index opportunities opportunities 21 * Monsanto traits only
    • Round 3: Pipeline Potential Builds on Established Platform • Continued Growth from Rounds 1 & 2 • Improved Food and Feed Biotech Traits • Biotech Yield Traits Round 1 Round 2 Round 3 22
    • Round 3: Food, Feed and Yield Traits Pipeline Products Reach New Markets and Expand Base in Corn, Soybeans and Cotton Food Healthier Oil Soy Yield (Low Linolenic Feed Omega-3 Soy Omega- Mid Oleic (Stearidonic acid) Low Saturate) Enhanced High Drought Tolerant Improved Protein Soy Lysine Corn Corn, Soy, Cotton (Beta Conglycinin) Low Linolenic Cold Tolerant High Lysine Corn Soy Corn Improved Protein Soy Nitrogen Utilization Corn Commercialized Agronomic Traits YieldGard Roundup YieldGard Corn Borer Ready Corn, Rootworm Bollgard I & II Soy, Cotton Corn Cotton 2nd Generation Roundup Ready YGCB II Corn YGRW II Corn Agronomic Traits Flex Cotton 23
    • Round 3: Feed Traits High Lysine Enhances Essential Amino Acids in Feed Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market TBD TBD TBD Available Market TBD TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 1 High Lysine Corn Conventional Breeding Enhance level of limiting Molecular essential amino acids in feed Breeding Crop Analytics Lower cost of animal feed ration Biotechnology Improved amino acid balance High Lysine Corn – Total Lysine Increased total 150 Target energy Indexed 100 U.S. regulatory 50 packages submitted 0 Neg. Pos. Neg. Pos. Event 1 Event 2 Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 24
    • Round 3: Feed Traits High Lysine Enhances Essential Amino Acids in Feed Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market TBD TBD TBD Available Market TBD TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 2 2004 Field and Feeding Trial Update Conventional Breeding Molecular Breeding Field trials conducted in United States and Argentina this year Crop Analytics Evaluating over 12 hybrid Biotechnology genotypes in this year’s program Excellent performance demonstrated in feeding trials to date Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 25
    • Round 3: Feed Traits High Lysine Enhances Essential Amino Acids in Feed Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market TBD TBD TBD Available Market TBD TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 3 2004 Field Trial Update Conventional Breeding Molecular Breeding 2000 1800 Crop Analytics 1600 Free Lysine (ppm) 1400 1200 Biotechnology 1000 800 600 400 200 0 Neg Hybrid South America Neg Hybrid U.S. Controls Controls Initial evaluations show germplasm hitting or exceeding efficacy targets Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 26
    • Round 3: Food Traits Preparing for 2005 Launch of First-Generation Output Trait — VISTIVE Soybeans Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market 5M TBD TBD Available Market 5M TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 1 VISTIVE Low Linolenic Soy Conventional Breeding Reduce/eliminate trans fats with Molecular increased oil stability, requiring less Breeding hydrogenation Achieve yield parity and stack with Crop Analytics Roundup Ready trait Reduce linolenic acid to <3% Biotechnology Linolenic Linoleic Sats Oleic 18:3 18:2 18:0 / 16:0 18:1 Standard Soybean Low Lin Mid Oleic + Low Lin Zero Sat + Mid Oleic + Low Lin Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 27
    • Round 3: Food Traits Preparing for 2005 Launch of First-Generation Output Trait — VISTIVE Soybeans Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market 5M TBD TBD Available Market 5M TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 2 2004 Field Trial Update Conventional Breeding Molecular Advanced field testing Breeding Shipping several tons of oil to food Crop Analytics companies for food formulation testing Biotechnology Finalizing processor programs; Ag Processing, Inc. (AGP) and Cargill participating Launch in 2005 Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 28
    • Round 3: Food Traits Omega-3 Biofortification Is a Food Industry Breakthrough Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market TBD TBD TBD Available Market TBD TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 1 Oilseed Produced Omega-3 Conventional Breeding Dietary Omega-3 in Biotech Oilseed Molecular American Heart Assn., Breeding Fatty Acid (wt%) American Dietetic 100% New Assn., and 1,600+ Crop Analytics Bio-available Omega-3 research studies 80 support health benefits Biotechnology Other Poly- 60 Vegetable oils unsaturates enriched with bio- 40 PIC? Mono- available Omega-3 unsaturates 20 Omega-3 promotes heart health Saturates 0 Control Biotech Enhanced stability Oilseed Oilseed Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 29
    • Round 3: Food Traits Omega-3 Biofortification Is a Food Industry Breakthrough Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market TBD TBD TBD Available Market TBD TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 2 2004 Field Trial Update Conventional Breeding Molecular SDA/GLA Levels Breeding (7 Lead Events in 9 Locations) Crop Analytics 30 Biotechnology 25 Fatty Acid Wt % 20 Target PIC? 15 10 SDA 5 GLA 0 Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 30
    • Round 3: Yield Drought Stress Tolerance Is One of Potential New Agronomic Traits in Pipeline Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market TBD TBD TBD Available Market TBD TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 1 Drought Tolerance Conventional Breeding Pricing depends on choice Yield protection Molecular of market on all acres to Breeding protect against Stack with weed and insect water deficits Crop Analytics control traits enhances margin opportunity Yield enhancement Biotechnology on all acres through improved water use Cost savings on irrigated acres Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 31
    • Round 3: Yield Drought Stress Tolerance Is One of Potential New Agronomic Traits in Pipeline Key Market Acres U.S. Brazil Argentina Key Market Acres U.S. Brazil Argentina Contributing Platforms TBD Available Market TBD TBD TBD Available Market TBD TBD Genomics Percent Penetrated 0% 0% 0% Percent Penetrated 0% 0% 0% 2 2004 Field Trial Update Conventional Breeding Two gene leads obtained positive results with more than one transformed event Molecular Breeding Crop Analytics Performance of 3 Events (Gene 1) Performance of 3 Events (Gene 2) 18 35 Yield Increase (bu/acre) Yield Increase (bu/acre) Biotechnology 16 30 14 25 12 20 10 8 15 6 10 4 5 2 0 0 Event One Event Two Event Three Event One Event Two Event Three Discovery Phase 1 Phase 3 Phase 4 Phase 2 Launch Proof of Concept Adv. Development Pre-Launch Pre- Early Development 32
    • Summary Value Shift to Seed Continues… Industry value shift from crop chemicals to seeds and traits is well under way 1996 2003 2008F $7.5 Billion $8.4 Billion $9.2 Billion $3.6 $2.6 $4.5 $0.1 $3.8 $1.3 $3.5 $3.0 $2.7 Crop Chemicals Germplasm Biotech Traits Source: U.S. 1996-2003 Doane AgroTrak & Seed Studies; 2008 Monsanto Estimate 1996- 33
    • Summary …to Food, Feed and Yield Water and Soil Value Shift Value Shift Nutrients Human Value Shift Value Shift Health Animal Value Shift Value Shift Nutrition Crop Value Shift Value Shift Chemicals Seed 34
    • Questions? 35