Bunge says it will refuse GMO corn trait lacking China approval
"We agree with the trade organizations' statement that a coordinated approval process is the right way to go," Schroder said. "I think that is in the best interest of all involved, including the technology providers."
Archer Daniels Midland Co, another major grain trader, last week said it had only suffered a small impact from Chinese rejections of U.S. corn cargoes.
Still, ADM has contacted to farmers to encourage them to understand how their seed selection will impact their marketing opportunities after the autumn harvest, Chief Operating Officer Juan Luciano told analysts during an earnings call.
"Certainly, it's not business as usual any more," he said.
In 2011, Bunge North America, a unit of Bunge, refused to accept MIR 162 because it had not been approved by major export destinations. Syngenta filed a lawsuit challenging Bunge's move and largely lost the case.
Syngenta, the world's largest crop chemicals company, has said it commercializes corn traits in line with industry practices, once it has approval from countries with "functioning regulatory systems." The company has already "sold out" of its limited quantities of corn seed containing Duracade. (Additional reporting by Karl Plume in Chicago; Editing by Marguerita Choy)
- Fall tests for nematodes help keep crops healthy
- National Agricultural Genotyping Center announces partnership
- Surging soy, U.S. dollar quotes highlight Friday futures trading
- EU’s leading plant scientists call for action to defend research
- Digi-Star introduces WeighLog hydraulic weighing system
- Surging U.S. dollar values weighed on ag markets Friday morning