The biggest food and seed companies like Dow and Monsanto Company (NYSE:MON) actually spent tens of millions of dollars last fall to help defeat a ballot measure in California that would have required labeling.
On Monday, Connecticut became the first state to pass a bill that would require labeling products that contain genetically modified ingredients by food manufacturers but only after other conditions are met.
The Gov. Dannel P. Malloy has said, after reaching an agreement with the legislature to include a provision, he would sign the bill and make it law, but that law would not take effect unless four other states passed the same regulations.
On Monday, the New York labeling bill was defeated in committee after members, were lobbied intensely by a representative from the Council for Biotechnology Information, who were co-sponsors of the legislation, a trade group whose members are Bayer CropScience Limited (BOM:506285), BASF, Dow AgroScience, DuPont Monsanto and Syngenta AG (ADR) (NYSE:SYT) all are the major makers of genetically modified seeds and pesticides that work with them.
Its nor clear, whether other states will go as far as Connecticut is, in New Mexico, the state Senate voted not to adopt the report of its committee recommending the labeling, effectively killing the labeling effort there. And the efforts in Hawaii, Maine and Vermont have stalled.
An executive vice president for food and agriculture, Cathleen Enright, working at the Biotechnology Industry Organization, said it’s a serious issue, the Food and Drug Administration typically required labeling of foods only when issues like food safety, because the consumer health or nutrition were at stake.
Stock of Monsanto Company (NYSE:MON) fell -1.00% in last trading session and is closed $ 104.51 with average volume 2.72 million shares. Monsanto Company generated income of $ 2.52 billion in last twelve months and sales of $ 14.73 billion. Analytic Ratios; Price to sales ratio of MON in past twelve months was calculated as 3.75 and price to cash ratio as 11.62. MON return on equity ratio is recorded as 19.97% and its return on assets is 12.00%.
Stock of Syngenta AG (ADR) (NYSE:SYT) advanced 0.83% in last trading session and is closed $ 77.97 with average volume 171,808.00 shares, in After Hours trading SYT stock increase 0.03%. Syngenta AG generated income of $ 1.87 billion in last twelve months and sales of $ 14.20 billion. Analytic Ratios; Price to sales ratio of SYT in past twelve months was calculated as 2.58 and price to cash ratio as 22.89. SYT return on equity ratio is recorded as 23.06% and its return on assets is 10.23%.
Stock of Bayer CropScience Limited (BOM:506285) fell -0.39% in last trading session with average volume 111.00 million shares.