U.S. loses out on corn exports to China
As Beijing tightens controls on processing genetically modified strains of corn, the U.S. is feeling the sting of canceled orders from last month of about 210,000 tons, worth approximately $40 million.
Chinese grain mills need to get permits to process GMO corn -- and most corn produced in the U.S. is genetically modified -- which have gotten tougher to secure, leaving many traders to look to Ukraine for non-GMO shipments. It is unclear if this will affect future U.S. corn exports to China as many are still awaiting approval of GMO processing permits.
Last year, the U.S. accounted for a quarter of China’s 2.83 million tons of corn imports, with Ukraine making up about two-thirds.