Evaluating the Production and Price Impacts of Biotechnology Application in Crop Markets
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Biotechnology crop traits have been applied on a widespread commercial global basis since 1996, making it the most rapidly adopted crop technology in agriculture. The primary biotechnologies used have included technology delivering herbicide tolerance and insect resistance for crops, such as corn, soybeans, cotton, and canola. This technology has provided farmers with productivity improvements through a combination of yield improvements and cost reductions. Thus, this technology has had an impact on prices of cereals and oilseeds (and their derivatives) both in countries where biotech traits were applied and in the global market. Realizing the surging significance of biotechnology application in global crop markets, this study first summarizes the productivity impacts of biotech crops on production; secondly, aims to quantify the impact of the use of biotech traits on production, utilization and prices of corn, soybeans, and canola as well as other crops where the biotechnology is not utilized.