Non-GMO and Organic Market Update for August 30, 2016

Non-GMO and Organic Market Update for August 30, 2016

Around the Markets

Organic corn trading activity in the Eastern portion of the United States has picked up slightly, with the impending harvest taking shape. Prices in Pennsylvania topped out at $9.75 per bushel, placing Midwest organic corn prices near $7.75 per bushel. Mounting pressure from CBOT board prices should weigh on organic prices, as robust yields and a strong carryover are likely to keep prices capped near $8. Hedge fund traders appear to be lining up on the short side, as they continued to add to short positions in futures and options for conventional corn, according to the latest Commitment of Traders report released for the date ending August 23rd, 2016.

Midwest organic soybeans were steady near $17.50-18.25 range. Beans are also forecast to experience record yields, offsetting large U.S. exports to China, which have kept conventional prices elevated. Wheat trading has been active, as traders look to declining prices as an opportunity to purchase wheat at 10-year lows. The strengthening U.S. dollar also continues to generate a headwind for grains, as most are quoted in dollars, making prices less attractive outside of the U.S., as the dollar gains in value.

In the News

Major Organic Label to Add 30 New Products

Annie’s will add 30 new organic products, according to a statement released by the company—which is a subsidiary of General Mills. The company reached the decision to expand its product base, as well as initiate a new marketing campaign, after releasing results from a consumer survey on organics. Within the survey results, the company notes that only 23% of Americans feel that they can afford organic food, and only 25% believe that organic food is available in their local grocery store. Annie’s new digital campaign seeks to make “organic accessible for more people in the U.S.”. (PRNewsire).

New Approvals, Contention Surrounds GMO Seeds in India

A GE mustard seed has been cleared by a government panel in India, after reviewing nearly a decade of indigenous trial data. The variant would be the only GMO food seed to be grown commercially in India. Opposition to GMOs remains fierce amongst some consumer factions, however, and it has yet to be seen if the Indian government will also sign off on the product for commercial use. Previously, in 2010, the government abrogated use of GE eggplant technology, even after a similar government panel had signed off on its safety.

The panel approval came concurrent with a dispute surrounding a new variety of GE cotton seed. Applications for the cotton product were pulled from the nation this week, amidst dispute over an Indian government proposal that would allow the proprietary technology to be shared with local seed producers. New Delhi has formerly approved different types GMO cotton for planting, in 2002 and 2006. Several global seed manufacturers have rallied together, in the disagreement with the Indian government, forming an alliance that the corporations have entitled the Federation of Seed Industry of India (FSII). (Reuters).

Bumble Bee Assumes Non-GMO Project Label

Bumble Bee, the iconic tuna processor, is the latest major firm to mark its product with the Non-GMO Report label. Bumble Bee cans containing the mark will be in stores as early as September, and the company hopes to have nearly all of its products displayed with the label by December. (Business Wire).

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