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AGRIBUSINESS: Monsanto CTO Honored With World Food Prize

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*Editor's note: At the time of the taping of the Agribusiness Report, the House had not voted on the Farm Bill. It has since, with the bill failing on a vote of 195-234.

Three scientists were named winners of the 2013 World Food Prize Wednesday - including Monsanto Company Executive Vice President and Chief Technology Officer Robert Fraley.

Fraley and two others were honored for their independent breakthrough achievements in founding, developing and applying modern plant biotechnology. A release from the U.S. State Department notes their research has made it possible for farmers to grow crops with improved yields, resistance to insects and disease and the ability to tolerate extreme variations in climate such as excessive heat and drought.

While announcing the winners - World Food Prize Foundation President and former U.S. Ambassador to Cambodia Kenneth Quinn said the late Dr. Norman Borlaug - who established the World Food Prize in 1986 - would be extremely pleased to see biotechnology recognized for what it has already provided in additional food for poor people - and for its potential in the coming decades.