Biotech Crops

Farmgate has a post on the effects of the adoption of biotech crops in the US.  Here's the summary:

The increase in production efficiency with the use of seed with biotech traits to provide insect resistance or herbicide tolerance has resulted in more bushels being available to the market. More production means a lower price in most markets. The result of growing use of biotech crops has lead to a $25 billion dollar loss to farmers over the past 10 years, but a gain for consumers. Even without the use of biotech seeds, production would have increased, but not enough to replace the loss.

I'd observe you could set up some boilerplate like so:

"The increase in production efficiency with [insert relevant innovation] has resulted in more bushels being available to the market.  More production means a lower price in most markets.  The result of [innovation] has led to a $[insert amount] dollar loss to farmers over the past 10 years, but a gain for consumers."

I blogged recently about farmers cooperating and competing, particularly in the context of carbon cap and trade/environmental legislation.  I'd repeat the observation here--in the case of innovations which work out (and not all innovations do--I remember when birdsfoot trefoil was the next great thing) the early adapters will gain an advantage, but an advantage which rapidly fades.