Tag Archives: Agricultural Markets

U.S. importers stockpile Parmigiano, Provolone as tariffs on EU cheeses loom

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By Andrea Shalal and Aleksandra Michalska

Parmesan cheese is seen packaged within the warehouse at Ambriola Co Inc, a unit of Gennaro Auricchio SpA, one in every of Italy’s largest cheese producers, in West Caldwell, New Jersey, U.S., October 4, 2019. REUTERS/Shannon Stapleton

WASHINGTON/WEST CALDWELL, New Jersey (Reuters) – Ambriola Co Inc’s mammoth warehouse in West Caldwell, New Jersey, is crammed filled with packing containers and wheels of more durable cheeses similar to Parmigiano Reggiano, Pecorino Romano and Grana Padano – and extra is coming, tons extra.

Phil Marfuggi, president and chief government officer of Ambriola, a unit of Auricchio SpA, one in every of Italy’s largest cheese producers, is among the many many importers and store homeowners throughout the nation who’re scrambling to stockpile European cheeses earlier than new U.S. tariffs kick in on Oct. 18 in efforts to defend customers from worth hikes.

The Trump administration on Wednesday slapped 25% tariffs on cheese and different European Union merchandise starting from whisky to woolens, in retaliation for EU subsidies on giant plane. Either side say they’re open to negotiations, however commerce consultants see little likelihood of averting the duties – at the least within the quick run.

Importers started ordering tens of millions of {dollars} of additional wheels of Parmigiano Reggiano and different more durable cheeses after the U.S. Commerce Consultant’s workplace in July added cheese to its listing of EU merchandise doubtlessly going through tariffs because of the dispute over plane subsidies.

“When that listing got here out, that’s after I … began bringing in lots of extra containers of cheese of Reggiano, Provolone,” stated Marfuggi, who has one other 21 delivery containers filled with cheese en path to be added to the stockpile within the firm’s warehouse in Caldwell, which sits about 15 miles west of Manhattan.

Marfuggi stated he ordered an additional $15 million of cheeses that may very well be saved for over a 12 months to make sure satisfactory provides for current prospects and shield pricing via the tip of the 12 months.

“I’ve been build up stock … as a result of we’ve got a goal on our backs,” he stated.

The brand new duties may slash U.S. imports of EU cheeses valued at $1.5 billion a 12 months by 30% and jack up costs throughout the nation, stated Marfuggi, who additionally serves as president of the Cheese Importers Affiliation of America.

Some higher-priced objects will merely disappear from shops, he predicted, like Moliterno al Tartufo, an aged Italian cheese with an intense truffle taste. Even Parmigiano Reggiano may very well be in danger if costs rose to $30 a pound, he stated.

“There are going to be some objects … that the supermarkets are simply not going to deal with anymore. It’ll be worth prohibitive for that,” he stated.

The tariffs will hit shopper costs and finally jobs throughout the US, stated Ralph Hoffman, government vice chairman of Schuman Cheese, one of many largest importers of exhausting Italian cheeses.

Over 20,000 U.S. retail shops starting from Costco Wholesale Corp (COST.O) to Wegmans Meals Markets promote EU cheeses. These cheeses generate some $3.5 billion of income for U.S. firms, supporting some 20,000 jobs, together with patrons, deli clerks, truck drivers and warehouse employees, Hoffman stated. He famous that the brand new tariffs come on prime of current duties of round 15%.

Specialty grocer The Recent Market expects the tariffs to have an effect on about 35% of the 200 cheeses it carries at its 160 shops.

“We’re ready to see how the importers are going to move the associated fee alongside,” stated Andrew Harvell, who heads the corporate’s cheese division. “All the things’s nonetheless up within the air,” he stated, including that Recent Market had pre-ordered sufficient cheese to final via the vacation season, however may have to boost costs quickly thereafter.

Mike Bowers, the third-generation proprietor of a specialty cheese store at Washington’s storied Japanese Market, stated he started hoarding further wheels of exhausting cheeses – some weighing as a lot as 80 kilos – in July when USTR first introduced it may impose tariffs on cheese and different agricultural items.

His glass cheese counters, coolers and enormous walk-in fridge are stuffed to overflowing, however Bowers stated his provides won’t final via the vacation season. He stated he must move on the price of the tariffs.

“I’m a small man. I can’t purchase a $100 cheese and promote it for $50 and count on to remain in enterprise too lengthy,” he stated.

“I’ve a stockpile of cheese to be sure that I’m capable of preserve stock and preserve gross sales at my counter,” Bowers stated. “After which as time goes on, we’ll must see.”

He stated the standard of U.S. cheeses was bettering, offering good alternate options for some in style European cheeses, however he must discover methods to be extra “progressive” sooner or later.

He additionally has a stable choice available of Swiss cheeses that aren’t topic to EU tariffs, together with a Gruyere-style L’Etivaz, made in copper pots in line with historical custom.

Marfuggi stated it was a reduction that USTR opted for 25% tariffs as an alternative of the 100% charge initially proposed, however he worries that patrons would swap to home or different international provides if the tariffs stayed in place a very long time.

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“If that occurs, you’re going to lose a substantial quantity of shopper base, and it’s exhausting to win that again,” he stated.

And cheese hoarding can’t resolve all of the anticipated shortages, he warned. Many softer cheeses can’t be saved for almost as lengthy, so costs of these objects will seemingly rise rapidly.

“If you happen to’re a Gorgonzola lover, you’re positively out of luck,” Marfuggi stated.

Reporting by Andrea Shalal and Aleksandra Michalska; Extra reporting by Richa Naidu; Modifying by Heather Timmons and Leslie Adler

Our Requirements:The Thomson Reuters Belief Ideas.

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Measurement issues. Huge U.S. farms get even larger amid China commerce warfare

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HAZELTON, N.D. (Reuters) – Because the 2018 harvest approached, North Dakota farmer Mike Appert had an issue – too many soybeans and nowhere to place them. Promoting was a foul choice. Costs had been close to decade lows as U.S. President Donald Trump’s commerce warfare with China weighed closely in the marketplace. Short-term storage would solely purchase him a little bit little bit of time, notably in an space the place chilly climate can injury crops saved in plastic baggage.

Farmer Doug Zink stands in one in every of his soybean fields close to Carrington, North Dakota, U.S., August 8, 2019. Image taken on August 8, 2019. REUTERS/Dan Koeck

So Appert, who farms 48,000 acres (19,425 hectares), minimize a test for $800,000 to construct eight new everlasting metal bins. Thatallowed him to carry onto his bumper crop and await costs to recuperate.

He offered half of the 456,000 bushels saved on his farm all through the next summer time, incomes about $1 extra per bushel and avoiding storage at close by CHS elevators or an Archer Daniels Midland Co. processor within the space.

However most farmers should not have $800,000 to spend on metal bins, and plenty of are going beneath. The variety of U.S. farms fell by 12,800 to 2.029 million in 2018, the smallest ever, because the commerce warfare pushes extra farmers into retirement or chapter.

Roger Hadley, who farms 1,000 acres in Indiana, was unable to plant any corn and soybeans this 12 months after heavy rains added to farmers’ woes.

He spent many of the summer time attempting to plant a mixture of grasses, a so-called cowl crop, so he may apply for presidency support and take a look at once more subsequent 12 months.

“The blokes that obtained wealthy are getting richer,” Hadley mentioned. “It has annoyed loads of guys.”

In farming, measurement does matter. The farms left standing after the commerce had been will seemingly be a few of the greatest within the enterprise. Appert’s operations are greater than 100 instances larger than the typical American farm and the benefits offered by that magnitude have gotten much more essential because the commerce warfare stretches right into a second 12 months.

The declining variety of U.S. farmers may harm the world’s prime grain retailers corresponding to ADM and Bunge, who could have fewer suppliers. Moreover, farmers could have much less must lease house within the retailers’ grain silos as huge farmers like Appert have plentiful storage on their very own farms.

ADM mentioned it might proceed altering to satisfy the wants of its clients. Bunge didn’t reply to an e mail in search of remark.

By the tip of 2018, the typical U.S. farm measurement rose to 443 acres, a 12-year excessive and up from 441 million in 2017, based on the most recent U.S. Division of Agriculture knowledge.

And the largest farmers are rising their operations much more as retiring farmers select to lease their land relatively than promoting it.

When land turns into obtainable for lease, solely the largest farmers can readily shoulder the prices wanted to broaden.

The scale of the loans smaller farmers would want to purchase gear, for instance, are too huge for candidates with little collateral, mentioned Dave Kusler, president of the Financial institution of Hazelton in Hazelton, North Dakota. “It’s nearly unattainable with what the prices are,” Kuslersaid. “On this space you may’t make a dwelling on 1,000 acres.”

Critics say the Trump administration’s coverage of compensating growers for misplaced gross sales as a result of commerce warfare pays the larger farm operations extra, since funds are calculated by acres farmed.

(For a graphic on Trump’s commerce warfare farm bailout: tmsnrt.rs/2Yu32ns)

The Environmental Working Group, a conservation group, mentioned in a current examine the highest 1% of support recipients obtained a median of greater than $180,000 whereas the underside 80% had been paid lower than $5,000 in support.

Appert mentioned that huge farmers obtain larger outright funds however much less per acre than small farms due to a $500,000 cap per farm.

‘BOOM, BOOM, BOOM’

Huge farms can reap the complete advantages of recent high-tech gear that enhances farm yields.

Doug Zink, who farms 35,000 acres close to Carrington, North Dakota, mentioned he likes to commerce in his fleet of 4 combines and planters practically yearly to make sure that his gear is beneath guarantee, which saves hundreds of {dollars} in upkeep prices and helps keep away from breakdowns throughout key seeding and planting intervals.

Additionally they obtain deep reductions – as a lot as $40,000 for some mix harvesters that may price as a lot as $400,000 – permitting them to improve extra typically.

Producers are more and more prepared to chop such offers to maintain purchasers because the variety of clients falls. Deere & Co mentioned that it’ll cut back manufacturing by 20% at its services in Illinois and Iowa within the second of half of the 12 months. Rival agricultural machine makers AGCO Corp and CNH Industrial have additionally slashed manufacturing to maintain stock in keeping with retail demand.

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Giant farms even have the best entry to capital, with bankers nonetheless keen to supply loans to growers with loads of collateral. “The ag pattern goes to bigger farms,” Kusler, the financial institution president in Hazelton, North Dakota, mentioned “The loans get a lot bigger.”

Appert had no drawback getting a mortgage to finance growth.

“If you wish to get a mortgage and purchase a bit of land it’s simply growth, growth, growth,” he mentioned.

Reporting by Mark Weinraub; Modifying by Caroline Stauffer and Marguerita Choy

Our Requirements:The Thomson Reuters Belief Ideas.

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Bayer mediator dismisses report of $eight billion Roundup settlement

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NEW YORK/FRANKFURT (Reuters) – Bayer AG has not supplied to pay billions of {dollars} to settle claims in the USA associated to the Roundup herbicide, mediator Ken Feinberg mentioned, dismissing a report back to that impact which drove its shares as a lot as 11% increased.

FILE PHOTO: Monsanto Co’s Roundup is proven on the market in Encinitas, California, U.S., June 26, 2017. REUTERS/Mike Blake/File Picture

“Bayer has not proposed paying $eight billion to settle all of the U.S. Roundup most cancers claims. Such an announcement is pure fiction,” Feinberg mentioned in an e mail on Friday. “Compensation has not even been mentioned within the world mediation discussions.”

Bayer shares, which had shed a few of their features earlier than Feinberg’s assertion, retreated additional and closed up 1.7% at 64.63 euros.

Bayer, which acquired Roundup and different glyphosate-based weedkillers as a part of its $63 billion takeover of Monsanto final yr, declined touch upon the preliminary Bloomberg information report and on Feinberg’s response.

Bayer Chief Govt Werner Baumann final week mentioned the corporate would contemplate settling with U.S. plaintiffs solely on affordable phrases, and if it “achieves finality of the general litigation”.

He added on the time the group was “constructively participating” in a court-ordered course of with mediator Feinberg on the circumstances heard in federal courtroom. Many of the pending circumstances, nevertheless, have been filed with U.S. state courts.

Feinberg added that any efforts by Bayer towards a complete settlement have been tied in with the mediation proceedings overseen by him. “These are all a part of the identical mediation course of.”

Bayer shares have misplaced greater than a 3rd of their worth, or roughly 30 billion euros ($34 billion), since final August when a California jury within the first such lawsuit discovered Monsanto ought to have warned of the alleged most cancers dangers from Roundup.

HIGH EXPECTATIONS

The German medicine and pesticides firm has engaged in negotiations with plaintiffs’ legal professionals, two sources accustomed to the matter instructed Reuters.

“The issue is, how do you get the plaintiffs to climb down from their very excessive expectations? Not one of the jury verdicts to this point have been favorable for Bayer,” one of many sources mentioned, including that talks have been centered on fundamental questions corresponding to how one can deal with potential future claims.

Bayer mentioned on Friday that the following U.S. glyphosate lawsuit initially scheduled to be heard in St. Louis, Missouri, this month could be postponed to Jan. 27, 2020, and {that a} following St. Louis case slated for September had additionally been postponed.

The German firm might profit from having circumstances heard within the metropolis the place Monsanto was headquartered and the place Bayer manages its world seeds enterprise. However Missouri can be identified for juries that usually hit firms with large damages.

Bloomberg mentioned the delays had been pursued by Bayer to permit for undisturbed settlement talks.

The preliminary unfavorable courtroom rulings within the first three glyphosate circumstances, heard in California, have at occasions dragged Bayer’s market worth under what it paid for Monsanto, though the shares at the moment are buying and selling above that stage.

The corporate, which says regulators and in depth analysis have discovered glyphosate to be protected, has beforehand mentioned it was banking on U.S. appeals courts to reverse or tone down three preliminary courtroom rulings which have to this point awarded tens of hundreds of thousands of {dollars} to every plaintiff.

Bloomberg cited three sources accustomed to the discussions as saying Bayer’s legal professionals have been in search of an accord to resolve all present and future circumstances. Talks over circumstances which have but to be filed have been notably difficult, the report added.

Whereas Bayer has indicated it may pay $6-$eight billion, plaintiffs’ legal professionals need greater than $10 billion to drop their claims, the report mentioned.

FILE PHOTO: The emblem of Bayer AG is pictured on the facade of the historic headquarters of the German pharmaceutical and chemical maker in Leverkusen, Germany, Could 14, 2019. REUTERS/Wolfgang Rattay/File Picture

An estimate of a $20 billion hit from the litigation has beforehand been mirrored within the share value, whereas a possible litigation settlement legal responsibility was within the mid single-digit billion greenback vary, Financial institution of America analysts mentioned in observe.

They saved a “impartial” ranking on the inventory, citing uncertainty over Bayer’s fortunes within the appeals course of – with the primary appeals verdict anticipated by the top of the yr – and whether or not a settlement may very well be achieved earlier than that.

The variety of U.S. plaintiffs blaming Roundup and different glyphosate-based weedkillers for most cancers had continued to rise by 5,000 to 18,400, Bayer mentioned final week.

Further reporting by Tina Bellon; Enhancing by David Evans and David Holmes

Our Requirements:The Thomson Reuters Belief Rules.

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Bayer could benefit from home advantage in St. Louis Roundup cancer trial: experts

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ST. LOUIS (Reuters) – Bayer AG (BAYGn.DE), facing an upcoming trial in St. Louis over allegations that its Roundup weed killer causes cancer, has recruited Missouri-based expert witnesses to make its case in a place where it has century-old roots but where juries often hit companies with huge damages.

FILE PHOTO: The logo of Bayer AG is pictured at the facade of the historic headquarters of the German pharmaceutical and chemical maker in Leverkusen, Germany, May 14, 2019. REUTERS/Wolfgang Rattay

Four expert witnesses Bayer is seeking to admit hail from Missouri universities, and some legal experts said the company is trying to clinch its first favorable Roundup verdict by emphasizing its reputation as a major local employer.

Bayer on Tuesday announced it would create an additional 500 “high-paying” jobs in the St. Louis area. The Bayer unit that makes the glyphosate-based herbicide, the former Monsanto Co, was founded in St. Louis in 1901. Monsanto employed 5,400 full-time employees in the St. Louis area as of May 2018, according to company statements.

The trial in St. Louis County Circuit Court, expected to begin on Aug. 19, was brought by Illinois resident Sharlean Gordon, who says she was diagnosed with non-Hodgkin’s lymphoma after using Roundup for around 14 years at her home. It is the fourth trial over Roundup and the first one outside of California, where three juries hit Bayer with verdicts as large as $2 billion. Bayer is appealing those verdicts.

Bayer denies glyphosate or Roundup cause cancer, saying decades of studies have shown glyphosate to be safe. The company said it looked forward to presenting the scientific evidence to juries. It said the experts in the upcoming St. Louis trial are at the top of their field and were selected for their expertise, not their Missouri ties.

The Germany-based company has lost nearly 40 billion euros ($33.75 billion) in market valuation since the first Roundup jury verdict in August 2018. Bayer last month announced it had set up a committee to help resolve the litigation, saying it would “constructively engage” in court-mandated mediation talks.

NEW WITNESSES

Bayer has said in court papers and hearings that juries in California’s traditionally liberal Bay Area, where the first three trials took place, were unfairly influenced by news coverage of the trials and harbored negative attitudes toward Monsanto in part because of its development of genetically modified seeds.

The company’s experts in those cases came mostly from states other than California. In the St. Louis trial, Bayer is so far seeking to admit a total of 14 scientific expert witnesses. None previously testified in the Roundup litigation.

Of the more than 13,400 Roundup claims nationwide that have yet to go to trial, about 75% have been filed in St. Louis city or county courts, according to plaintiffs’ lawyers. Those courts have a history of issuing large punitive damages against companies and have often been criticized by business groups for issuing favorable plaintiffs rulings.

By suing in the county where Bayer’s crop science business is headquartered, plaintiffs can also take advantage of procedural rules allowing them to compel live testimony from executives who work locally. In the California trials, jurors only saw video depositions of Monsanto executives.

David Noll, a professor at Rutgers Law School, said Bayer appeared to be hiring local experts to appeal to St. Louis jurors. “(They) are not seen as hired guns, flying in from afar, but … can explain the case in a way local jurors understand,” Noll said.

But Alexandra Lahav, a law professor at the University of Connecticut, said Bayer could simply be using new experts that the company thinks would have a better rapport with the jury and “not necessarily because the experts are local.”

Counting on a more favorable jury pool in a company’s backyard is not a new tactic.

New Jersey-based Merck & Co (MRK.N), which in the early 2000s faced thousands of lawsuits by patients over its Vioxx painkiller, won several trials in New Jersey, which plaintiffs lawyers at the time attributed to the company’s strong ties to the state.

Merck in 2013 settled some 27,000 Vioxx claims for $4.85 billion.

Reporting by Tina Bellon in St. Louis; Editing by Noeleen Walder and Matthew Lewis

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ADM considers ethanol spinoff as first-quarter profit falls on severe weather

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CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio

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French court finds Bayer’s Monsanto liable for farmer’s sickness

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PARIS/LYON (Reuters) – A French court has ruled that Monsanto was liable for the sickness of a farmer who inhaled one of its weedkillers, in another legal setback for the Bayer-owned business over health claims.

In the latest stage of a decade-long legal tussle, the appeals court in Lyon on Thursday found in favor of farmer Paul Francois’ claim that Monsanto’s Lasso weedkiller had made him sick and that the product’s labeling had been inadequate.

Francois, 55, says he suffered neurological problems, including memory loss, fainting and headaches, after accidentally inhaling Lasso in 2004 while working on his farm.

“Mr Francois justifiably concludes that the product, due to its inadequate labeling that did not respect applicable regulations, did not offer the level of safety he could legitimately expect,” the court said in its ruling.

The latest verdict, however, did not determine compensation for the farmer, which will now be considered by another court in Lyon.

Francois is seeking about 1 million euros ($1.1 million) in damages.

Bayer, which acquired Monsanto in a $63 billion deal last year, said it was considering its legal options, including an appeal before France’s highest court.

French cereal farmer Paul Francois, head of the Phyto-Victims association, attends a news conference, after the verdict in his appeals trial against U.S. Monsanto firm, in Paris, France, April 11, 2019. REUTERS/Charles Platiau

The German chemicals group added that crop-protection products “do not pose a risk for human health if they are used according to the terms of use set out in their regulatory approval”.

Mr Francois had won rulings against Monsanto in 2012 and 2015 before France’s top court overturned the decisions and ordered the new hearing in Lyon.

“We are all happy to have won but it came at a heavy price,” Francois told reporters in Paris.

“It’s a big sigh of relief. It’s been 12 years of fighting, 12 years during which I had to put my whole life on hold.”

Lasso was banned in France in 2007 after the product had been withdrawn in some other countries.

It used a different active substance to glyphosate, the chemical contained in Monsanto’s best-selling weedkiller Roundup and the target of lawsuits in the United States over alleged cancer links.

The company has been found liable in two trials in California brought by cancer sufferers who have been awarded tens of millions of dollars in damages. Bayer is appealing against those rulings.

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The legal troubles surrounding glyphosate have contributed to Bayer losing about 30 billion euros in market value since last August. The group’s chief executive on Thursday said it was “massively affected” by the litigation.

After the announcement of the decision, Bayer’s shares extended a fall to trade about 1.5 percent down before recovering some of the losses.

($1 = 0.8874 euros)

Reporting by Catherine Lagrange in Lyon, Simon Carraud and Gus Trompiz in Paris; Additional reporting by Sybille de La Hamaide; Editing by Jane Merriman and David Goodman

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