As cancer rates double since Monsanto came to town, it was announced Tuesday by Monsanto Co. that they will suspend plans to launch future soybean technologies in Argentina and are reviewing its other business there after a dispute with government regulators over royalty payments for its seeds (yea!).
You just can’t get much more greedy than the company that’s been harming people and the environment since 1901.
Even Forbes said Monsanto was trying to play down the big fight and now has their eye on Brazil (watch out Brazil, don’t let them destroy your country too).
Monsanto officials said in a release that the suspension includes its Roundup Ready 2 Xtend soybeans, which Monsanto planned to begin selling in October. Also, “until such time that there is further clarity within Argentina on a predictable way to collect royalties on the value new patented soybean technologies bring,” Monsanto said it, “plans to take measures to protect its current assets.”
In Argentina, the farmers who use Monsanto seeds agree to allow the company to charge them for soybean genes up front or when they sell their crop to grain elevators and export terminals. However, that system is now being questioned; agricultural authorities under Argentina’s President Mauricio Macri, have been given new orders that may not let grain companies continue to test for Monsanto’s technology to determine royalty charges for farmers.
Brett Begemann, Monsanto President and COO (not to be confused with Mosanto CEO Hugh Grant) said that the company is optimistic a solution can be found, “While the Government of Argentina has acknowledged to us that they were committed to supporting a conducive environment for continued investment and further long-term development of agriculture through recognition of intellectual property rights and a recognition of private agreements, the recent actions are not consistent with that position.”
Talks with the Argentinian government will continue and Monsanto officials remain committed but due to the evolving business environment there, Monsanto is doing a review of their plans for Argentina and will have to assess the implications of continuing to do business there. I don’t know, not having them do business in the US sounds good to me, I think Argentina just won the lottery!
Argentina is the top exporter worldwide of soymeal livestock feed, Reuters reports. St. Louis-based Monsanto (NYSE: MON) doesn’t disclose its soybean seed sales in Argentina, according to the Journal.
Source: Reuters
