12 May 2022, Israel: Lavie Bio Ltd., a subsidiary of Evogene Ltd., (NASDAQ: EVGN, TASE: EVGN) and a leading ag-biologicals company focusing on improving food quality, sustainability, and agriculture productivity through the introduction of microbiome-based products, announced today that for the 2022 growing season currently underway, Lavie Bio successfully produced and fully sold its planned production quota to U.S. customers for result™, Lavie Bio’s recently released bio-inoculant product for Spring Wheat.
Global wheat prices have increased significantly due to supply chain constraints and global shortages, which have been particularly compounded by the war between Russia and Ukraine, the world’s first and fifth largest wheat exporters, respectively. According to 2020 data by Germany’s Federal Office for Economic Affairs and Export Control, these two countries were responsible for 28% of global wheat exports. Current high wheat prices have made it highly economical for growers to explore ways to increase wheat production by increasing yields.
As previously reported, the development of result™ included positive four-year field trials in multiple locations and commercial validation through broad-acre fields under standard farmer practices in target locations. The results achieved in the field trials have demonstrated that result™ has the potential to contribute an additional 3-4 bushels per acre and showed increased yield improvement compared with industry benchmarks. Based on current wheat prices for farmers, this could provide growers an average of $30-40 in additional revenue per farmed acre.
Given global wheat shortages and high prices, Lavie Bio foresees continued strong demand for its bio-inoculant result™ and plans increased production for 2023 growing season.
Mr. Dotan Borenstein, Chief Business Officer of Lavie Bio, stated: “I’m very pleased to update that our first product launch in the U.S. was successful, seeing strong demand and we fully sold out of our initial production run for the 2022 growing season. We see our launch of result™, our fully sustainable bio-inoculant solution for Spring Wheat, at the perfect time, that can contribute to securing global food supplies.
Looking ahead, we are aiming to broaden result™ sales throughout North American markets, including Canada, in the near-term and later, European markets. We are also working to expand our label to include additional crops, such as small grains and oil seed.”