When someone hears the words genetically modified, there is one name that comes to mind, Monsanto (NYSE:MON). Monsanto produces a wide range of seeds and develops biotechnology traits that assist farmers in controlling insects and weeds as well as provides other seed companies with genetic material and biotechnology traits for their seed brands. Now, the company has developed its first product for the consumer market.
Monsanto announced earlier this week that it will start selling genetically modified sweet corn later this year. The new sweet corn will target the 250,000 acre market for fresh corn in the eastern United States. Monsanto is no stranger to controversy or lawsuits over its genetically modified seeds. Last March, a lawsuit filed on behalf of 60 farmers seeks to protect organic farmers from Monsanto’s genetically modified seeds and lawyers. The case questions whether Monsanto has the right to sue organic farmers for patent infringement if Monsanto’s transgenic seeds land on their property. It will be interesting to see how consumers and farmers react to the new sweet corn.
Investors who don’t have an appetite for genetically modified foods may want to check out other commodities such as oil (NYSE:USO), natural gas (NYSE:DVN), coal (NYSE:KOL), gold (NYSE:GLD), silver (NYSE:SLV), or aluminum (NYSE:AA).
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Disclosure: Long AGQ.