It sounds like the speaker was trying to sell ice to an eskimo...

U.S. needs to be a reliable sourse of wheat for the world market"  I think the current World GLUT of wheat and krappy prices shows the U.S. Wheat producer can supply the world no sweat.

Issue is price.  Exactly why acres were down prior to 2007-08.  In 07 I paid 24 cents/pound for seed. 08 I paid 43 cents/pound. pretty good jump when planting 120 lbs/acre.

Production is NOT an issue, supply is not an issue, price ??  Huge issue. 

Think all that would happen with "bio-tech" would be "maybe" saving a few pennies on spray costs, etc.. but seed purchace price would climb to $1.25/pound and,, wheat price on the world wide market would still be in the toilet.

Other big problem is "frankenstine" wheat in the public perception of  eating "bio-wheat".

Look at the changes in the meat industry and howling over the use of antibotics, growth hormones etc.. the public has insisted on.  dairy industry same issue with hormones in milk,, although the hormones used to increase production are genetically exactly the same as the natural hormones, there is NO test to show if bhe (??)  is in the milk or not..
Public perception of adulterated milk has dictated there be no hormones in milk. (which is rediculous because the cow naturally produces that hormone and it's already IN the milk,, but the Public is convinced they're being "poisoned"...

Reliable source of wheat ??  I saw a few figures showing the US was at that time the largest wheat producer in the world. 

Just my 2 cents...