Hugh Grant, chairman of Monsanto, announced earlier this summer that he expected his company would record dramatically lower profits, largely because of generic competition from Chinese versions of its once-popular weedkiller Roundup. But he put an upbeat spin on the down news, telling Reuters that the company was reducing the importance of Roundup to concentrate on more lucrative matters. “By reducing the uncertainty associated with Roundup, we free Monsanto to grow on its fundamentals. What matters to our long-term growth is our seeds and [genetic] traits business, which is on track.” 

Grant’s predictions were correct, but only partially. Last week Monsanto announced that its third-quarter earnings were down by 45 percent. But what about that all-important GMO seeds business? TheWall Street Journal reported that the company is planning to lower prices on two new lines of GMO soybeans and corn. American farmers haven’t taken to the seeds as eagerly as Monsanto had hoped.