US biotech firm Monsanto has said it has not decided whether or not to enter the Brazilian soybean seed market soon, despite the recent lifting of the ban on the sale of Monsanto's genetically modified Roundup Ready soybeans in Brazil.

Monsanto spokeswoman Janice Armstrong said the company was still weighing up how the decision to suspend the ban would impact its operations in South America. She did not comment on whether Monsanto might try to sell seed for the next soybean planting season, which begins in late September or early October.

"The exact process remains unclear and we will not be in a position to make specific decisions regarding commercialisation until we have fully evaluated the rapidly changing situation," the company was quoted by Reuters as saying.