Monsanto Co. (NYSE: MON), the world's largest biggest marketer of genetically modified (GMO) seeds, quietly and unexpectedly stated today they are stopping all further efforts to commercialise their controversial GMO wheat.
Monsanto started field testing its GMO wheat in 1997. In 2002 it applied to commercially grow the GMO wheat in the US and Canada. Monsanto's wheat has been modified to resist the company's own herbicide, called RoundUp.
The GMO wheat has faced worldwide opposition from farmers, food manufacturers, environmentalists and consumers. Monsanto failed to get GMO crops approved for import or cultivation in Europe for the past six years because of consumer and farmer concerns.
In its announcement the company said it "is realigning research and development investments to accelerate the development of new and improved traits in corn, cotton, and oilseeds. As part of this realignment, the company is deferring all further efforts to introduce Roundup Ready wheat, until such time that other wheat biotechnology traits are introduced.
"As a result of our portfolio review and dialogue with wheat industry leaders, we recognize the business opportunities with Roundup Ready spring wheat are less attractive relative to Monsanto's other commercial priorities," said Carl Casale, executive vice president of Monsanto. "Acreage planted in the spring wheat market in the United States and Canada has declined nearly 25 percent since 1997, and even more in the higher cost weed control target market for this product. This technology adds value for only a segment of spring wheat growers, resulting in a lack of widespread wheat industry alignment, unlike the alignment we see in other crops where biotechnology is broadly applied."
"We will continue to monitor the wheat industry's desire for crop improvements, via breeding and biotechnology, to determine if and when it might be practical to move forward with a biotech wheat product," he said.
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