Thursday, June 6, 2013

Wheat Prices Plummet Following Oregon GMO Discovery

Posted By on Thu, Jun 6, 2013 at 9:30 AM

Agriculture economists aren't blaming the recent drop in wheat prices to the recent discovery of genetically-engineered experimental wheat in Oregon, at least not yet.

"I wouldn't agree that the prices have plummeted just since they found this wheat," Sam White, chief operating officer for Pacific Northwest Farmers Cooperative told the Lewiston Tribune. "But prices have gone down some."

This morning's Tribune reports that wheat prices have dropped more than a dollar per bushel from about a month ago.

The USDA has said that it doesn't believe any of the GMO wheat entered the commerce chain.

Meanwhile, a Kansas farmer says he's suing Monsanto over the recent GMO discovery. Feds confirmed that the the recent Oregon GMO wheat discovery was the same as wheat designed by Monsanto to be herbicide-resistant that was tested in Oregon but never approved. The Associated Press reports that several other lawsuits are in the works are are expected to be consolidated.

"I think the industry is trying to help solve the problem," Glen Squires, CEO of the Washington Grain Alliance told the Tribune. "The price [of wheat] fluctuates for all kinds of reasons, but I'm sure [the GMO discovery] is another reason."

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