Corn Drops as Demand for U.S. Exports May Slide on China
This article is for subscribers only.
Corn futures fell to a 16-week low on speculation that demand for U.S. exports will ebb after China put curbs on purchases of a feed ingredient made from the grain.
China’s quarantine agency suspended issuing permits to import U.S. dried distillers’ grains known as DDGS, because the government deems the product as having a high risk of containing MIR 162, a non-approved genetically modified strain of corn, according to three trading executives whose applications were denied. Futures dropped in the past four straight weeks amid concern that supplies would overwhelm demand.