It couldn't happen to a nicer bunch of people.
The New York Times reports that Monsanto, the agriculture biotechnology giant and champion of genetically modified food, has run into trouble. Its newest product, SmartStax corn, which contains eight inserted genes, has yields no higher than the company's less expensive corn, which contains only three foreign genes and its widely used pesticide Roundup has collapsed this year under an onslaught of low-priced generics made in China.
Monsanto is regarded as one of the world's most unethical companies, putting all sorts of toxins into the environment. The company reckons its RoundupReady crops help tackle climate change because they can be grown without ploughing the soil, known as 'no tillage' or 'conservation tillage' agriculture. RoundupReady soy, which is grown on over 40 million hectares across South America, has severe social and environmental impacts. The increased pesticide use damages human health and the environment. These vast monocultures of soy have replaced valuable forest – resulting in huge CO2 emissions. Monsanto's operations have also displaced rural and indigenous communities.
And as if it doesn't have enough problems, Monsanto is now locked in a legal battle with American chemical company Dupont which accuses Monsanto of abusing its monopoly power to hike prices and retain a stranglehold on the market.
The fallout from this case, and the problems confronting Monsanto, will affect everyone. It will spill over into the global food market, and food prices
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