Monsanto has acquired WestBred, LLC, a U.S.-based company that specializes in wheat germplasm, the crop's seed genetic material. It hopes to strengthen wheat research and help farmers improve yields while reducing the use of input resources, such as water, land and energy.

"The U.S. wheat industry has come together to call for new technology investment, and we believe we have game-changing technologies - like our drought-tolerance and improved-yield traits - that can meaningfully address major challenges wheat growers face every season," said Carl Casale, executive vice president of global strategy and operations for Monsanto. In a press release, Monsanto said that the acquisition will enable it to "deliver advances in breeding and biotechnology to deliver a step-change in yield while creating a springboard for new partnerships and collaboration opportunities that create additional value for farmers."