In Minnesota, Calyxt, Inc., a plant-based technology company, contracted to sell all 2020 grain production of its high oleic soybean to ADM. The total purchases represent approximately four million bushels of high oleic soybean grain. ADM is responsible to crush the grain and will market and sell the resulting oil and meal.
Calyxt’s high oleic soybean was launched in 2019 as the first commercially approved gene-edited food in the United States. ADM has contracted to purchase all of Calyxt’s high oleic soybean grain, following an initial purchase earlier in the year.
“This agreement with ADM is yet another key milestone in monetizing our proprietary gene-editing technology and bringing our innovations to market,” said Jim Blome, CEO of Calyxt. “This is an important step in the advancement of our strategy and frees resources and capital within Calyxt, allowing our talented team to focus on growing the business through licensing our proprietary technology, pursuing product development partnerships and seed sale arrangements.”
“Our five new high oleic seed varieties introduced in 2020 underscores the progress we’ve made in expanding our offerings,” said Vince Restucci, vice president of agronomy services. “Our high oleic soybean seed and grain products are well positioned to address the increase in market and consumer demand for premium vegetable oil.”