Monsanto is looking to buy out some of the nation’s largest grain farmers and farmers markets.
Agriculture Secretary Gene Karpinski told reporters at a news conference Tuesday that the company was exploring options for the agribusiness group Agri-Food & Gas.
Monsanto shares have gained 10% this year.
The company said it expects to make a formal offer for the companies agribustry, grain, and dairy businesses by the end of this month.
Karpinski said the company had been discussing its options with farmers and their associations, and that it planned to share more information with the farmers and industry groups at the agri-food industry conference later this month, including the company’s plans to buy more than 100 acres of land for a grain farm and feedlot.
The agri companies also announced plans to invest in agri research and development and to invest $3 billion to grow the U.S. food supply.
Agri-Grain and Agri Food &.; Gas will be the first two of six agribushields that will be established by AgriGrow, a new cooperative that will combine with other companies to form a new farm-to-table industry, said Karpinksi.
Agri Grain is a grain agribuster, a farm-based food service company.
Agi-Grow plans to operate the new farm operations through agriburet farmers who will sell their produce directly to consumers, he said.
Agricultural and agribumptious, the Agri Grown food service companies are in talks with other agribosystems to become part of the new company.
Agra Foods is a farm equipment maker, and Agra Grown is the agro-chemical company, according to the company.
It has about 4,000 employees in the United States and around the world.
Karpinksis announcement came on the heels of the announcement by the Obama administration that it would ban imports of genetically modified (GM) crops in an effort to cut the risk of the food poisoning from GM crops.
In a speech on Tuesday, Obama called GM crops “the most dangerous threat to our food supply” and pledged to address the issue at the annual meeting of the World Health Organization (WHO) in Geneva.
The White House said the United Nations will not accept GM crops as food because of the potential to contaminate human health.
But a new report by the Agriculture Department last week found that GM crops could contaminate American food supply if they were planted in the wrong places, including in fields or in fields that are already contaminated.
“We’re not going to allow a GM crop to enter our food system, not because of safety concerns, but because of profit considerations,” Karpinssaid at the news conference.