Soybean growers last week praised the European Union’s long-awaited approval of three biotech soy traits for import and processing, saying the move knocks down an important hurdle for the commercialization of new varieties that will benefit farmers and consumers.

The three newly approved events are Monsanto’s Roundup Ready 2 Xtend and Vistive Gold soybeans, and Bayer CropScience’s Balance GT soybeans. Xtend soybeans are tolerant to dicamba and glyphosate herbicides, while Balance GT beans have tolerance to glyphosate and...