China approves GMO corn shipment

2013-08-07 11:28
(File, Orlin Wagner, AP)

(File, Orlin Wagner, AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Buenos Aires – 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 000t 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 US crop weather, ended the session mixed.

US 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.

Demand for corn-fed pork and poultry has boomed in China as a growing middle class can afford a higher-protein diet.

The Argentine corn was imported by China's state-owned trading house COFCO and left Argentina about a month ago, said three Buenos Aires-based grains trading sources, hours before Yauhar's statement came out.

The market knew since May that Argentine corn was headed to China. But questions lingered as to whether it would be approved for entry by the AQSIQ, China's General Administration of Quality Supervision, Inspection and Quarantine.

“The cargo has now been approved by the AQSIQ and the vessel has been discharged in China. The corn is officially imported and on its way to end customers,” said a source at a major trading company in Buenos Aires, asking not to be named.

Chicago corn prices have fallen sharply from record highs last summer, and many analysts and traders expected prices to fall further on prospects for a US bumper crop this season.

In contrast to last year, the world is expected to be awash with corn for the foreseeable future, keeping prices in check. Argentina's 2012 to 2013 crop is nearly all harvested.

China is seen by corn futures traders as a wild card in their attempt to pencil in specific price projections.

Most Argentine corn is genetically modified. A small amount was allowed into China late last year as a test case under a China-Argentina GMO deal signed in February 2012.

There is broad scientific consensus that food on the market derived from genetically modified crops pose no greater risk than conventional food. However, advocacy groups argue the risks of GMO food have not been adequately identified.
Read more on:    environment
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News
 

Joburg hot spots for cocktails, craft beer, tapas and wine!

It’s the season to be jolly – so we’ve rounded up some new Joburg hot spots!

 
 

I love summer.24

Summer Survey!
Great ideas for the best summer sandwiches!
Christmas lingerie to make this festive season the best one ever!
13 things you might not know about Disneyland

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

2DAYS ONLY – 30% off Appliances

Coffee makers, blenders, fans, juicers and more. T&Cs apply. Shop now!

2 DAYS ONLY – 40% off books

Get 40% off when you buy 2 books. For two days only! T&Cs apply. Buy now!

Up to 50% off on outdoor gear

Save on chairs, blankets, cooler bags, umbrellas and more. Shop now!

Save on Samsung

Cameras, mobile phones, TVs, Tablets and more. While stocks last. Shop now!

Grand Theft Auto 5

Now available on PS4, Xbox One and PC from R649. Buy now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

The energy today is serious, materialistic and hardworking. You may find you get a new outlook on things and you may want to spend...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.