That was not an unusual share, since the EU has been a major importer of U.S. soybean meal for decades. EU, normally the largest soybean meal export market for the U.S., dropped to the third largest market, behind the Phillippines and Canada this year. While the GMO issue is not the only one involved, it may be an important factor behind this severe drop in EU purchases of U.S. soybean meal. So far this season, they are equivalent to the meal from only 19 million bushels of soybeans. American consumers do have more confidence in their food system than Europeans, but the respected Consumers Reports, has called for labeling of genetically engineered foods in this country.
Polls show considerable doubts among consumers about GMOs already.
The market effect of the loss of European markets for GMOs may be hard to measure and may be hyped in the media, since most U.S. corn and soybeans still feed domestic livestock. But if the U.S. consumer market gets riled up over GMOs in McDonald's hamburgers and other foods, we've got a problem. I would sure hate to see boatloads of Brazilian nonGM soybeans and European vegetable oils coming into this country because of such a consumer scare. These are pretty big risks, especially if the economic benefits from GMOs are marginal. A study by Iowa State University economist Mike Duffy says they weren't any more profitable than non-GMOs in 1998.