December 15, 2014

Syngenta and the U.S. Grains Council expect to receive confirmation of China’s approval for the importation of Syngenta’s MIR 162 strain of genetically modified corn which has been the cause of major trade disruption between the U.S. and China, and which has led to lawsuits within the industry over U.S. grain shipments being rejected by Beijing since November 2013. After four years of waiting for clearance, background incentives for the swift approval of MIR 162 might be currently at play. Ukraine, the U.S.’s rival supplier of grains to China is having difficulty fulfilling contracts it signed with China because of shortages and domestic issues. The hopes that China will be returning to the market has cause the price of U.S. dried distiller grains (DDGs) to jump over the past month. The National Grain and Feed Association estimates that China’s rejection of U.S. grain shipments containing the strain of corn cost the U.S. industry at least $1 billion. Some in the industry remain doubtful if Syngenta’s hopes of China’s imminent approval for MIR 162 will prove out after Syngenta’s chief executive officer announced in an April 2012 earnings call that the company expected approval of the strain within days.

Read the article

To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service