US corn exports to China dry up
Posted: 4/11/2014 |
China's tougher stance on imports of genetically engineered corn is roiling U.S. agribusiness, largely halting trade in the biggest U.S. crop in its fastest growing market. By one industry estimate, exports are down by 85% compared with last year.
Since mid-November, China repeatedly has refused shipments of U.S. corn, saying officials detected that some contained an engineered gene developed by Syngenta AG that Beijing hasn't approved.
The rejections have hurt grain-trading companies such as Cargill Inc. and fueled frustration with what some U.S. executives say is Beijing's opaque regulatory process when its clout as an importer is growing. China is the world's fastest-growing market for corn.
Some U.S. industry observers suspect China is using concerns over the Syngenta product to cover commercial motives.
Source: DTN Progressive Farmer