Dr Tong added that uptake of such a product would hinge on consumer approval, should it be created using GM technology.

"Drought tolerant cereals would have a wide appeal to growers, not just in Australia, where in half the years, wheat can be subject to drought risk, but even in Europe," Dr Tong said.

"Work has suggested there could be benefits to growers from $15-$115/ha, depending on the season, so it is something farmers would want."

Monsanto's technical development leader Dave Moore acknowledged that wheat was the poor cousin in the biotechnology industry – but said the development of different traits could change that.

The company is focusing heavily on its Roundup Ready traits, which had its commercial release in canola in Australia in 2008.

While there has been work on Roundup Ready wheat, it has not been a priority recently.

"Monsanto had Roundup Ready wheat on the shelf at the same time as RR canola came out, and the decision was to use canola as a test case from a stewardship point of view," Mr Moore said.

"You'd never say never, but at this point of time we have no intention of RR wheat.

"Water use efficiency may be a different story, and you'd probably anticipate if a GM wheat came out it would have at least two genes in it, including drought tolerance as this would have greater consumer appeal to have a trait that is seen as useful for them through its environmental benefits."

Meanwhile, in America, Monsanto has set up a program to help young researchers in rice and wheat.

The Beachell-Borlaug International Scholars Program will put young researchers through university.

The award is named after plant breeders Henry Beachell and Norman Borlaug.

Organisers of the program hope it will fast track research into the two crops, which they claim have fallen behind other grains.

"Research in these two staple crops has fallen behind others, and it is my hope this program will help jumpstart additional investment in two of the world’s most important grains," program director Ed Runge said.