Brazil is an important soybean supplier to the European market. According to a survey by the grain-brokerage company Cerealpar, Brazilian farmers are expected to grow 50 percent GM soy this year, up from 25 percent in the last year. Only two years ago, Brazil was the largest exporter of GM-free soybeans in the world.
With the increase in GM soybean cultivation, trade experts expect a rise in the market price of GM-free soy. In 2006, the EU imported Brazilian soy for approximately 12 billion euros.