China’s lifting of a ban on imports of a genetically modified strain of corn is welcome news in the agricultural community, but the effect on China’s agricultural trade will still be muted by domestic surpluses, according to two analysts. Shawn McCambridge, a senior grains analyst at Jefferies Bache Commodities in Chicago, said the lifting of a ban on Syngenta AG’s MIR162, an insect-resistant variety of corn, removes a political sticking point between the United States and China. “China is facing huge stockpiles of corn right now that they have to deal with domestically, and these supplies are very highly priced relative to the imports that could be brought in,” McCambridge told China Daily on Thursday [18 December 2014]…Full Article: China Daily Dec 2014
- In 2013, the US exported more than 9 million MTs of DDGs (dried distiller grains), with China accounting for 34.2% of purchases.
- On 17 December 2014, US Agriculture Secretary Tom Vilsack announced that China’s Vice-Premier Wang Yang confirmed his country’s MIR 162 approval.
- MIR162 is a genetically engineered corn hybrid that has built-in resistance to lepidopteran insects including the corn earworm, fall armyworm, black cutworm, and the western bean cutworm.