June 22, 2016 / 10:12 PM / 2 years ago

UPDATE 1-Argentina to announce deal with Monsanto on royalties inspections

(Adds details on expected agreement, time)

By Maximiliano Rizzi

BUENOS AIRES, June 22 (Reuters) - Argentina’s Agriculture Ministry will announce on Thursday an agreement with seed company Monsanto Co over the inspection of shipments of genetically modified soybeans, a ministry spokeswoman said on Wednesday.

Monsanto and President Mauricio Macri’s government have been at loggerheads since March over how to make sure farmers pay royalties on soybean seed technology.

The U.S. seed and agrochemicals company wanted exporters to inspect shipments as they do in neighboring Brazil, but Argentine farmers were fiercely opposed to that idea.

Monsanto threatened to suspend launches of future soybean technologies in Argentina over the dispute in the world’s No. 3 soybean exporter and top exporter of soymeal and soy oil.

Ministry sources have told Reuters that the agreement would involve the national seed institute in the inspections.

Monsanto representatives in Argentina did not immediately respond to request for comment. More details will be given at 11 a.m. on Thursday (1400 GMT). (Writing by Caroline Stauffer; Editing by Sandra Maler)

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