U.S. Grain Losses Seen Up to $6.3 Billion on China Ban
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China’s rejection of U.S. grain grown with seeds genetically modified by Syngenta AG may cost U.S. growers as much as $6.3 billion in losses through August 2015, a U.S. trade group estimated.
The Asian nation turned away at least 1.45 million metric tons of corn since late November, “substantially greater” than the 908,800 reported by the Chinese government, the National Grain & Feed Association, based in Washington, said today in a statement. The grain contained a gene developed by Basel, Switzerland’s Syngenta, and that MIR 162 variety hasn’t been approved by China.