EU Countries Deciding on Import of Biotech Products; Wheat Sales Strong
A European Parliament committee has voted to block a proposal that would allow each of the 28 EU countries to decide on their own whether to allow the import or use of biotech products. DTN reports that despite the aggressive challenges facing biotech crop production in Europe, several major business groups in Europe and abroad saw the food proposal as a threat to Europe's unified market. The EU Commission proposed the opt-out last spring.
Wheat markets are seeing an increase in activity, likely because buyers are locking in supplies with the concerns over the global wheat crop. Major importing countries including Egypt, Algeria and Saudi Arabia have all bought wheat in international tenders in the past week, lured by prices that are about 14 percent lower than at the start of the year. Dry weather looming in Russia may be the cause for concern. Russia has seen less than 40 percent of the normal amount of rain in the past 30 days across large swathes of its central and western growing regions and a similar pattern was found in the Ukraine.