From Indiana to Louisiana, a movement among thousands of corn farmers in the United States is trying to hold a Swiss GMO agribusiness giant to account for willful deceit and is making steady progress in court. According to these lawsuits - which may soon become class action - Syngenta, one of the world's largest agrochemical companies, deliberately misled small farmers into thinking that the genetically modified Viptera corn it was pushing on them would be approved for export to China. When China's unpredictable import authorities held off on granting approval and then turned back a shipment that contained Syngenta's genetically modified crop, the glut of excess corn that farmers had on their hands caused prices to crash and resulted in nearly $6 billion in damages.
"I was really upset that this happened," said Susan Taylor, a farm owner. "You work in good faith and you expect producers to act in good faith." According to one lawyerinvolved in the case, "This is by far the largest agricultural lawsuit we've had in the US." Tens of thousands of farmers spread across 22 states have already filed claims against Syngenta, and that number is expected to keep growing.
Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.