We examine the distribution of welfare from the second-year planting of Bt cotton in the United States in 1997. We also provide preliminary estimates of the planting of herbicide-tolerant soybeans in 1997. For Bt cotton, total increase in world surplus was $190.1 million and US farmer share of total surplus was 42%. The gene developer, Monsanto, received 35% and the rest of the world 6% of the total world surplus. Delta and Pine Land received 9%, whereas US consumers received 7%. For herbicide-tolerant soybeans, total world surplus was $1,061.7 million. US farmers' surplus was 76%, Monsanto's was 7%, US consumers received 4%, and seed companies captured 3% of total surplus.