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Archer-Daniels-Midland Co. and Bunge Ltd., two of the largest U.S. grain traders, said they won’t accept a new variety of genetically-modified soybean being marketed by Monsanto Co. because it hasn’t been approved by the European Union and may put exports at risk.
Farmers have been asking ADM in recent weeks about Monsanto’s Roundup Ready 2 Xtend soybeans, Jackie Anderson, a spokeswoman for Chicago-based ADM, said in an e-mail Monday. Until it’s approved by all major export markets, including the EU, ADM “cannot accept it at our facilities,” she said. White Plains, New York-based Bunge posted signs at its facilities and notices on its website as of March 31 about its decision, according to spokeswoman Susan Burns.
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A letter from grain groups representing traders sent to St. Louis-based Monsanto on April 29 criticized the seed maker for selling its Roundup Ready 2 Xtend soybeans to farmers this season before receiving the green light from the EU, a major importer. . . .
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EU approval of the soybeans should be “imminent,” Monsanto spokeswoman Christi Dixon said in an e-mail. The new soybeans have been approved by the European Food Safety Authority, which issued a positive scientific opinion last June. With planting starting in the U.S., Monsanto is giving farmers a choice of planting the new soybeans or an incremental product. Growers can also trade in or cancel orders, with the company waiving certain charges, Dixon said.
Read full, original post: ADM, Bunge Won’t Buy Monsanto’s New Genetically Modified Soy