40971
US Traders Reject GMO Crops
World Economy

US Traders Reject GMO Crops

Across the US Farm Belt, top grain handlers have banned genetically modified crops that are not approved in all major overseas markets, shaking up a decades-old system that used the world’s biggest exporting country as a launch pad for new seeds from companies like Monsanto Co.
Bold yellow signs from global trader Bunge Ltd are posted at US grain elevators barring 19 varieties of GMO corn and soybeans that lack approval in important markets, CNBC reported.
CHS Inc, the country’s largest farm cooperative, wants companies to keep seeds with new biotech traits off the market until they have full approval from major foreign buyers, Gary Anderson, a senior vice president for CHS, said.
“I think that would be the safest thing for the supply chain,” he said. CHS implemented a policy last year under which it will not sell seeds or buy grain that contains traits lacking approvals needed for export.
The US farm sector is trying to avoid a repeat of the turmoil that occurred in 2013 and 2014, when China turned away boatloads of US corn containing a Syngenta AG trait called Viptera that it had not approved. Viptera corn was engineered to control insects.

  Sued for Damages
Cargill Inc and Archer Daniels Midland Co each said the rejections cost them millions of dollars, and both companies have sued Syngenta for damages. ADM is refusing GMO crops that lack global approval. Cargill did not respond to requests for comment.
The United States is the biggest producer of GMO crops and has long been at the forefront of technology aiming to protect crops against insects or allow them to resist herbicides.
That innovation is now seen as a risk to trade because it is hard to segregate crops containing unapproved traits from the billions of identical-looking bushels exported every year.
Soren Schroder, chief executive officer for Bunge, said the practice of launching GMO seeds without full approval is “very risky.”
“It’s an uncomfortable position for the industry when there are traits out there that haven’t had major market approval,” he said in an interview.
The latest crop being banned is Monsanto’s Roundup Ready 2 Xtend soybean, whose seeds are genetically engineered to resist the herbicides glyphosate and dicamba. It is being sold for the first time in the United States and Canada this year despite lacking clearance from the European Union, an important export market for North American soybeans.

 

Short URL : http://goo.gl/KPcPIJ
  1. http://goo.gl/DeY0gL
  • http://goo.gl/WqL1ja
  • http://goo.gl/u7VlmJ
  • http://goo.gl/vaj73n
  • http://goo.gl/NwrJ2T

You can also read ...

Tech Sector Suffering as Brexit Uncertainty Bites
Uncertainty caused by the UK’s decision to exit the European...
Mexico Hit by Major Bribery Scandal
Mexico is the latest country caught up in the swirling scandal...
Pan-European stocks were down on Friday following falls in Asian and US stocks overnight.
European stocks continued to trade deep into the red on Friday...
The Industrial and Commercial Bank of China
Chinese banks are set to see a slowdown in lending growth in...
Malaysia GDP grew 5.8% year-on-year in the second quarter.
Malaysia’s economic growth accelerated unexpectedly to the...
Sri Lanka  Cuts Taxes
Sri Lanka announced tax cuts and subsidized loans for small...
Catalan regional vice-President and chief of Economy and Finance, Oriol Junqueras (2ndL), Spain’s King Felipe VI (7thL), Spanish Prime Minister Mariano Rajoy (6thL), President of Catalonia Carles Puigdemont (9thR), Spanish vice-President of the Government and Minister of the Presidency and of the Regional Administrations Soraya Saenz de Santamaria (5thL), Barcelona’s mayor Ada Colau (8thR), President of the Catalan parliament Carme Forcadell (4thL) and officials observe a minute of silence for the victims o
European stocks continued to trade deep into the red on Friday...
Taiwan Raises GDP Growth
Solid demand for the components Taiwan pumps out for tech...

Trending

Googleplus