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BUENOS AIRES -(Dow Jones)- Monsanto Co. (MON) is making a big push to get Argentina’s farmers to voluntarily pay for its latest genetically modified soybean seeds with the promise of higher yields as the biotech giant seeks to increase its revenues from one of the world’s top breadbaskets.

Monsanto’s attempt to sell an earlier version of its seeds introduced 15 years ago was a flop after the company failed to obtain an Argentine patent and its efforts to collect royalties were foiled by local regulations. Argentina is the world’s third-leading exporter of soybeans, behind the U.S. and Brazil.

Its new Roundup Ready 2 seeds, which are resistant to glyphosate-based herbicides and insect pests, are expected to increase yields by 10% to 15%, according to St. Louis-based Monsanto.

Monsanto hopes to reach an agreement with at least 80% of the country’s growers as “a sign that the Argentine farm sector really wants to move forward with this technology,” Pablo Vaquero, Sustainability and Corporate Affairs Director for Southern Latin America, said in an interview.

Vaquero said that about 2,600 farmers who cultivate 4.5 million hectares, or 25% of the nation’s farmland, have already agreed to the deal. The company is focusing on large-scale growers in a country where about 10,000 farmers are responsible for 80% of soy production, he said.