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Reuters
August 6, 2013
China has approved its first shipment of genetically modified Argentine corn, Buenos Aires said on Tuesday, signaling that the Asian country may eventually import GMO crops from other producers like the United States.
Argentine Agriculture Minister Norberto Yauhar said Chinese health authorities cleared 60,000-tonnes of genetically modified (GMO) Argentine corn. The cargo was already headed inland to be used as hog and chicken feed.
Benchmark Chicago corn futures fell briefly after Reuters reported on the shipment. Argentina competes for market share with the United States, the No. 1 world corn exporter. But CBOT corn futures, which were already depressed due to good U.S. crop weather, ended the session mixed.
U.S. farmers could eventually benefit from China finally opening the door to GMO corn imports.
“For many years we have worked to gain access to the Chinese market. Today we did it with a cargo of very high quality corn,” Yauhar said in a statement that named trading company Bunge as the exporter of the cargo.
“The authorities in China have finally let us in, opening a potentially enormous market for our corn,” the minister added.
Argentina is the world’s No. 3 corn and soybean exporter, as well as its top supplier of byproducts such as soyoil and soymeal. China is already a major buyer of Argentine soy.
