I lost .25 a bu since yesterday afternoon when I attempted to sell my wheat (except no one is buying) - and our #1 customer for PNW SWW, Japan, just closed the doors on purchases. I expect the rest of the Pacific Rim countries to do the same.
This isn't feed we are talking about but a high grade wheat market for human consumption that has been more than $1 premium to Chicago.
Monsanto really screwed up big time. And their timing was impeccable. Can't wait to hear the legalistic and assuring PR statement to be issued by them. It'll be good - and it won't be 'We %^*@#$! up'.
I agree with you 100% on the fall out and how the blame will be distributed. But this was material specifically under contract and regulation to prevent what happened. It wasn't minimimum wage workers running the research efforts. This was all a big deal. They KNEW.
If we continue to put up with companies ruining economies and markets and other peoples livelihoods without real consequences then we will continue to have corporate irresponsibility. Japan doesn't buy that.
And yet we define corporations as 'persons' legally. Our problem is we allow corp[orate persons to escape responsibility in ways people cannot. Buy themselves out of situations w/o suffering real consequences, usually not admitting 'guilt', etc.
Corporate responsibility is a big problem in our society.
Stock prices don't seem to have any concerns.
and too think, I turned down buying the stock at $47. thought it would go to $45. I was too bearish!! Hard to believe.
Were I so lucky. Wheat trade has stopped here. There is a price out there but no one is buying.
Japan officially has stopped buying from our region. I do think it is limited to regional at the moment. Unfortunately, it's my market.
The follow up on this. Or lack there of. Will be interesting
Palouser could a wheat field in that area go 8 years worth of volunteer without mechanical weed control?
Sorry this hit you ata bad time.