Wheat bulls have a reason to be nervous..
May 30, 2013
Wheat bulls are worried about what type of implications will come from the recent USDA announcement that a non-approved strain of genetically engineered wheat has been discovered in an Oregon field. As of right now the USDA is saying the wheat is the same strain as a genetically modified wheat that was tested by seed giant Monsanto a decade ago...but never approved. Word is Monsanto stopped testing that product in Oregon and several other states in 2005.
The thing to remember here is the fact there is NO genetically engineered wheat approved for US farming. Meaning the recent discovery could bring into question the integrity of US wheat exports, ultimately giving global importers more reasons and pressure from consumers to use alternative suppliers. I should point out the discovery has already prompted Japan to suspend imports of western-white wheat and feed wheat. Bloomberg reporting that Japan’s Ministry of Agriculture, Forestry and Fisheries canceled its plan to buy 24,926 tons of western-white wheat from U.S. in an import tender today. Now the fear becomes will other overseas buyers soon follow suit???
To recieve my daily newsletter click the link below and I will sent it directly to your email.