GMOs, or genetically modified organisms, are having a hard time staying out of the news of late. Whether it is those questioning the safety of GMOs or the fact that GMOs may not be approved in foreign markets, the manufacturers of seeds of GMO crops have had their share of media attention. The 2016 soybean crop is proving to be no different.
Minnesota grain buyers and sellers have been warning soybean farmers to be wary of Monsanto’s latest biotech soybean.
Monsanto first launched the product in the U.S. and Canadian markets this year, despite it not having approval in the European Union. This could prove to be problematic, as the EU is the second-largest foreign market for U.S. soybeans after China.
If the matter is not resolved, industry insiders are concerned that the uncertainty may cause price declines, confusion, and will disrupt international trade.
The soybean in question is the Roundup Ready 2 Xtend, a seed that is genetically modified to be more resistant to the herbicides dicamba and glyphosate. The reason for the development of this particular seed is a rise in weed resistance to Roundup Ready herbicides that utilized glyphosate alone.
The genetic modifications to the soybean seed allow for farmers to use both herbicides without harming the soybean plant.
The risk lies in the fact that soybeans with approved traits and those with unapproved traits often get mixed together in grain elevators, unit trains, or shipping containers when exported. Grain buyers and sellers would have to go to enormous expense in order to keep them separate.
Monsanto had hoped that approval in the European Union would come before spring planting time. The company is confident that a decision from the market will come soon. Monsanto did waive certain charges recently if farmers decided to cancel orders for the Roundup Ready 2 Xtend or exchange them for different varieties.
In 2013 and 2014, unapproved seeds caused a similar problem in a different market. Viptera, a type of corn genetically modified to be resistant to pesticides, did not have approval in China. This resulted in a loss of revenue for farmers who planted these seeds. This loss of revenue led to the filing of class action lawsuits against the manufacturer, Syngenta. The lawsuits claim the loss of millions of dollars in revenues.
If you have been affected by the status of unapproved GMO crops in foreign markets, you may be entitled to compensation. Contact the law offices of John Foy & Associates. The “Strong Arm” attorneys will work to get you the compensation you deserve. Contact us today.