Replies to post #165 on Monument Circle Acquisition Corp (MON)

[Democritus_of_Abdera]

Pioneer’s RIB Conference Call ....

For the most part this conference call is not worth commenting about.... However, there was one exchange at the end which raised an important point, the implications of which I had not fully understood before ... That is, that although Pioneer’s RIB replaces the refuge requirement for below ground corn rootworm, a separate 20% refuge is still required for above ground corn borer traits. Hence, the actual convenience advantage to the farmer is significantly compromised and I no longer feel that this product is an important threat to Monsanto’s SmartStax franchise.... (also note that Monsanto’s RIB product will cover both above and below ground traits and be a significantly better product if approved).

The exchange was initiated by Mark Gulley from Soleil Securities and was as follows:

<Q – Mark Gulley>: Yes, good morning. I wanted to make -- not to beat this to death, but I want to make very sure I understood the attributes of this announcement today. One of my contacts this morning I spoke to said, he felt, he thought, you still have the 20% refuge requirement on the corn borer. So I want to make very sure I understand that the separate refuge has been cut from 20% to 10%?

<A – Bill Belzer>: Yes, Mark, it’s Bill here. So to address that very clearly what’s in the illustrate -- what the Optimum AcreMax 1 system now provides growers, essentially what we’ve done is, we’ve integrated and have approval for a refuge of 10% level for corn rootworm in the bag, so that does, as you mentioned, it cuts the refuge from the current 20% down to a level of 10%, because we have -- because a 100% of that bag or seed has above-ground protection, we still need to have a corn borer refuge that corn borer refuge that they have mile away and a grower has the flexibility to be able to use either a conventional herbicide tolerant product or the Optimum AcreMax RW product. When used with Optimum AcreMax RW what that will allow the grower to benefit from is the ability to have 100% protection across their acres, if you will, with the Herculex or [indiscernible] and essentially giving them in-plant protection and the Optimum for higher form yields.

<Q – Mark Gulley>: I’m sorry, if I’m so confused, but just bottom line. The separate refuge under your new submission, under new approval will it be 20% or 10% for separate refuge?

<A>: For the separate refuge it will be 20% corn borer.

<Q – Mark Gulley>: Right.

<A>: But that corn borer refuge is very specific corn borer and again that’s the approval of the -- and the importance of the Optimum AcreMax RW product which would again allow that corn borer refugee to be protected from corn rootworm as well. Does that make sense?

<Q – Mark Gulley>: Is there a diagram that explains this, because I think this 20% issue has been out there for a long time?

<A>: Yeah.

<Q – Mark Gulley>: And I don’t think I’m the only one there still confused by the fact that you still require 20% refuge, which reduces the convenience attributes of today’s announcement?

<A>: But again remember that 20% refuge requirement for above-ground insect, the corn borer is up to a half mile away. So the convenience factor is there for it.

<A>: And to that end, Mark, we also have, if you look into the release, we do have video diagrams available for you to look at to illustrate how that refuge can be configured.

<Q – Mark Gulley>: Okay. I promise it’s my last question. The fact that’s half a mile away, how does that improve the convenience factor, it’s still 20%?

<A – Bill Belzer>: Yeah, that’s 20% with a day, as grower of the plant say, a traditional triple-stacked hybrid has to place their non-traded refuge and non-insect traded refuge in the same 300 adjacent. And to that end that’s placing the typically it’s put in a block, which means I have to stop looking at my planner units. I have to match maturities of hybrids that uses refuge and I have to match [indiscernible] because to manage that differentially is really difficult for a grower.

By being able to complete an entire feel of AcreMax I and be able to place refuge up to half a mile away at the time and point that they feel as most convenient to them and from a standpoint of timing, within a planting when those generally that we’ve experienced. They really do benefit from the ability for the first time ever separate that refuge and be able to have the flexibility to plant that in a different time, in a different place.

<Q – Mark Gulley>: So the high dispute is being able to avoid that matching requirement close by, is that you’re chasing or why does that sound like that?

<A – Bill Belzer>: Well, in the stop and go planting, I mean, if I have I’m moving fast and now to get corn planted for me to have it stop and be able to clean our planter boxes to start up again is very difficult and time consuming.

<Q – Mark Gulley>: That’s very helpful. Thank you.

<A – Paul Schickler>: And just to add to that, I think examples of that convenience and logistical problem that the previous refuge requirement lukewarm required, examples of that exist both in here like this year that we are in where we have very favorable conditions during the middle and end of April, so grower’s wanted to take advantage of those favorable conditions and get corn in the ground to maximize the productivity. And in that case, they want to plant as much as they can, get as much area in the ground as possible taking advantage of those conditions and then come back later and take care of the refuge according to the requirements that Bill just described. So as farms gets larger and equipment becomes more advanced, this is a very, very important convenient to have in a year like we’ve just had. And then similarly, if you look to 2009 and 2008, where we ran out of time at the end of the season, likewise speed in logistics are very important to growers.

<Q – Mark Gulley>: Thank you very much, I appreciate it.