South Korea officials say inspectors have not found any unapproved genetically modified wheat following tests of imports from the Pacific Northwest United States. That testing follows the discovery of unapproved GM wheat in Washington State which prompted Japan and South Korea to suspend some U.S. imports, according to Reuters. South Korea’s Ministry of Food and Drug Safety said Friday it had tested imports of wheat and flour after receiving a GM wheat testing method from the United States earlier this month. South Korea, the fifth largest market for U.S. wheat, had suspended clearance of wheat for food use and stepped up quarantine measures for U.S. milling and feed wheat shipments in the wake of the GM wheat discovery. The ministry added it would continue to test shipments of U.S. wheat and flour for GMO traits and reject the shipments if any rogue strain of wheat is detected.

A new study finds 81 percent of consumers say they approve of the GMO labeling requirement passed by Congress last month and signed into law by President Barack Obama. The study was published by the Annenberg Public Policy Center of the University of Pennsylvania. The survey also found 31 percent of respondents indicated they would be much less likely, while 18 percent indicated they would be somewhat less likely, to purchase a food product if they learned that it contained genetically modified ingredients. Those who say they are less likely to purchase foods if they contain GM ingredients also say they are more likely to scan smart labels with their cell phone to find out if products contain GM ingredients. Yet, the survey found just four out of 10 consumers say they would scan smart labels to learn about food products in the store. The study surveyed just more than 1,000 adults and was conducted July 21st-25th, before President Obama signed the labeling law on July 29th.

U.S. House Speaker Paul Ryan said last week that he saw no point in bringing up the Trans-Pacific Partnership trade deal for a vote during the lame-duck session of Congress. Ryan followed up the comment by saying it’s because “we don’t have the votes,” according to Reuters. Despite both U.S. Presidential candidates bashing the 12-country trade deal on the campaign trail, Obama Administration officials have pledged to make a major push in the coming months to persuade the Republican-majority Congress to pass TPP. But Ryan said the Obama Administration had negotiated a deal that “cost them dozens of votes in Congress.” He called for the President to renegotiate some components of the trade agreement, including some agriculture and labor provisions. Ryan was doubtful that the changes would happen, providing a grim outlook for getting approval for the trade agreement.

Farmland values have dropped for only the second time since the 1980s farm crisis prompted a wave of foreclosures. The Department of Agriculture last week issued a report that shows farmland values in the lower 48 states declined $10 an acre to average $3,010 per acre. Cropland values declined one percent to average $4,090 per acre, while pastureland was unchanged at $1,330 per acre. Lower farm income over the last few years had not impacted land values until recently. Bloomberg reports the trend in land prices is likely to be similar to the 1980s, when values fell for three years. While the current skid may not match the magnitude of that slump, analysts say the decline is likely to continue. The biggest drop was in Kansas, down 7.4 percent to average $1,880 per acre. The Corn Belt remained the most expensive region, even as prices fell 0.9 percent to average $6,290 per acre. In February, USDA said declining commodity prices will push farm income down 2.8 percent, to $54.8 billion this year, less than half of the 2013 record.

The U.S. Grains Council says key members of Japan’s media traveled across the United States last week to learn about corn production, ethanol and biotechnology. The members of Japan’s media came to learn how those topics fit into making U.S. farms sustainable. The tour started in St. Louis, where the team visited Monsanto to learn about the company’s effort to improve the productivity and sustainability of crop production. From there, the reporters traveled through Illinois visiting with farmers and the Illinois Corn Marketing Board to better understand how farmers are adopting technologies to increase production while using inputs more efficiently. Following those visits, the team met with the Illinois Renewable Fuels Association and also traveled to a CHS ethanol plant in Illinois. The tour concluded on Friday with a visit to North Carolina State University. A Grains Council spokesperson says of the trip “it is important to maintain a consistent dialogue with the people of Japan to assure them that U.S. farmers will be able to provide for their food and fuel needs sustainably.”

Bayer AG is examining all points of Monsanto, including financial accounts, in its effort to acquire the St Louis, Missouri-based company. Bloomberg reports the move could pave the way for the German company to raise its takeover offer for Monsanto. Bayer has signed confidentiality agreements to conduct due diligence on Monsanto, a process that is expected to last a few more weeks. Last month, Monsanto rejected an improved $125-per-share offer by Bayer, describing it as financially inadequate. In a statement, Monsanto said the company remained open to conversations, but never indicated a willingness to allow Bayer to conduct due diligence. Bayer requested the move previously as a prerequisite to increasing its offer. Buying Monsanto would give Bayer the largest seed supplier and a pioneer of crop biotechnology, and create the world’s largest producer of seeds and pesticides.