That is pretty much how it works, Kenneth.
In Brazil all the soybean, cotton and corn crops are GM, and tolerant to gyl.
In Brazil the farmers are not bound to buy the Monsanto glyphosate product, they can get it from anyone. I think they have to pay a royalty on their production to Monsanto each year, for the use of the modified seeds.
There are two factories in Brazil that produce the gly active, one is obviously Monsanto. Recently they have been able to have dumping tariffs placed on imported Chinese gly. This has also hurt NUF in Brazil.
Brazil has the same problem as Australia with gly; there is just no margin left in it. NUF has 40% of their business operating on no margin, hence the profit downgrades.
NUF is certainly one to watch, as I believe it has already bottomed.
Cheers, Skip
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