Monsanto Co. said Thursday it completed regulatory submissions to the U.S. Department of Agriculture and U.S. Food and Drug Administration for a new soybean trait that would create a healthier soybean oil.

BRUSSELS -- EU ambassadors failed to approve a genetically-modified maize made by Swiss firm Syngenta in talks on Friday, meaning the application will now be sent to EU ministers for a decision next week. "There is no qualified majority either in favour or against, so it will go straight to Council next week," an EU official said after the talks.

Most representatives agreed with proposals in the draft law that would require stricter management of genetically modified (GM) food, but they also criticized the law for not stipulating the maximum limits of these elements permissible in food. According to the draft law, foods using GM materials must be certified as biologically safe by authorized agencies in the country of origin.

Monsanto Co. said it will speed up the availability of higher yielding biotech corn and soybean seed as the company aims to meet ambitious profit goals laid out two years ago.