U S farmers face harsh economics with record corn supplies in silos
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US farmers face harsh economics with record corn supplies in silos | Hellenic Shipping News Worldwide
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FILE PHOTO: Soy leaves that were damaged by a weed killer in 2018
CHICAGO (Reuters) – Bayer AG is launching a new genetically modified soybean in the United States, striking back against rival Corteva Inc in a bid to retain its dominant position supplying seeds to the $40 billion U.S. soy industry.
Billions of dollars are on the table for companies producing a growing variety of seeds for soybeans, the top U.S. export crop, as farmers expand acreage this year due to soaring crop prices.
Bayer’s new XtendFlex soybeans and Corteva’s Enlist E3 soy are shaping up to be the most popular with farmers in the coming years, according to interviews with a dozen seed makers, dealers and farmers. Each seed tolerates three chemical herbicides so farmers can destroy weeds without damaging their crops, as weeds grow increasingly resistant to the once-universal glyphosate herbicide.