Why Origin Agritech (SEED) Shares Are Gaining Today - Origin Agritech (NASDAQ:SEED)

Origin Agritech Ltd's SEED shares are up Monday morning following a deal with Shihezi city in Xinjiang to expand NEC corn production.
The company's majority-owned JV will be granted 33,000 acre (200,000 mu) of farmland for growing NEC corn.
Origin's minority partner in the JV is a regional farming and feedstock company. The JV partner will finance the contract growing of NEC corn and constructing a grain processing facility that will dry and silo the corn.
Origin Agritech will sell the NEC corn seed to the joint venture and provide planting support services.
The JV has planted 30,000 mu for this season and plans to expand planting to the whole 200,000 mu for the 2024 season.
Origin expects the deal to add $8 million to revenue in 2023, increasing to $55 million in 2024.
Price Action: SEED shares are trading higher by 14.15% at $7.02 on the last check Monday.

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Why Origin Agritech Shares Are Gaining Today