The news that China imported a large amount of genetically modified corn from the United States in July caused an uproar in the market. Yesterday (November 29th), the Shenzhen Entry-Exit Inspection and Quarantine Bureau revealed to the reporter of “Daily Economic News†that it had made a return decision on a batch of 54,000 tons of genetically modified corn imported from the United States because of the detection of this batch of products. Our country does not allow the genetically modified component MON89034.
The COFCO, the importer of the consignment, also confirmed to reporters yesterday that the ship’s corn was indeed one of the state-owned import quotas for COFCO. It is currently negotiating with the foreign party on the shipment and related losses will be borne by the supplier.
The imported GM corn was returned to the Merchants Harbor Terminal in Shekou, Shenzhen. A freighter loaded with more than 50,000 tons of genetically modified corn from the United States quietly moored in the port and waited for its fate of “going homeâ€.
The Shenzhen Entry-Exit Inspection and Quarantine Bureau official told reporters: “This batch of corn has a total of 54,000 tons, imported by COFCO, and shipped to Shekou Port in September. The bureau made a return decision at the end of October because the batch of corn was detected in the country. Not allowed genetically modified ingredient MON89034. The relevant return procedures are currently being processed."
It is reported that at present, there are more than 20 varieties of genetically modified corn in the world, but China only allows 11 kinds of imports.
The U.S. Department of Agriculture has also issued an announcement confirming that China has indeed rejected a ship of U.S. genetically modified corn. This is the first time that China has rejected U.S. feed (coarse) grain clearance. The questioned MON89034 was officially approved by the U.S. in 2008 and approved in other parts of the world. China began testing the composition at the end of 2008 and the approval has not yet been completed. A spokesman for the U.S. Department of Agriculture said that the U.S. grain industry representatives are negotiating with the Chinese government and the U.S. Department of Agriculture will monitor the changes in the situation.
Zhang Xinyue of the Public Relations Department of COFCO Group confirmed to the reporter of “Daily Economic Newsâ€: “The ship’s corn is indeed one of the state-owned import quotas implemented by COFCO. During the implementation of the import task, COFCO strictly implemented the relevant national policies and has All of the strict agreements are currently being discussed with the foreign parties regarding the return of shipments. According to the contract, the relevant losses arising from such accidents will be borne by the foreign suppliers."
According to another source, the corn issues that COFCO bought from a Japanese trading company may be transferred to Japan.
Genetically Modified Maize
In May of this year, it was reported that COFCO had ordered 115,000 tons of genetically modified corn from the United States. However, according to the "Daily Economic News" reporter, the actual number is much more than this.
A person from the Shenzhen Entry-Exit Inspection and Quarantine Bureau told the reporter: “Since this July, the Shenzhen port has successively accepted 10 batches of US GM corn cargoes, totaling 600,000 tons, all of which were imported by COFCO. In addition to this cargo, the rest were approved. The sub-cargo has no problem and has successfully entered China's major feed mills."
Mr. Wang, a staff member of Shandong Rizhao Port, also told reporters: “The first batch of genetically modified corn from the United States arrived in Rizhao, Shandong around June. As of October, sunshine received a total of 367,000 tons of US GM maize. Until now, no detection has been made. what is the problem."
According to reports, in addition to COFCO, private companies such as New Hope Group (18.40, -0.75, -3.92%) also imported large amounts of genetically modified corn from the United States this year. Earlier media reports said that the New Hope Group had signed a contract with a private US grain exporter and that a ship of US genetically modified corn arrived at a terminal in Shandong by the end of August.
It is conservatively estimated that more than 1 million tons of US GM corn has flowed into China since this year. Earlier, the Ministry of Agriculture had revealed to the media that this year China has purchased 1.5 million tons of corn from the United States, setting the highest level of imported corn since 1995.
The inversion of domestic and international corn prices is the trigger for this year's corn import surge. Last Friday, the US corn futures price closed at 553 cents per bushel, or about 1,452 yuan per ton. Yesterday, the Dalian Commodity Exchange corn 1109 futures closed at 2,278 yuan per ton. According to reports, the price of the genetically modified corn purchased by COFCO was lower than 1,620 yuan per ton.
Increasing corn import quotas is considered to be one of the measures for China to curb soaring domestic corn prices. Before China was a net exporter of corn, China suffered from drought and increased demand last year that caused China to import corn this year. Some analysts expect that China will still be a net importer of corn in the coming years.
In the future, there will be more and more genetically modified corn in China. It is reported that China can only import corn from the United States, Peru and Thailand. On November 18th, the President of Argentina stated that in 2011 China will purchase 5.5 million tons of corn from Argentina. Argentina is the world’s second-largest maize supplier after the United States. Nearly 80% of the corn produced each year is genetically modified.
Queries about the dangers of genetically modified crops to the human body and the environment have been heard. Luo Yuannan, director of the Food and Agriculture Project Team at Greenpeace, said: "There is no evidence to prove that animal food is harmful to humans after it has been transformed. However, genetically modified corn may have a certain impact on the environment in the growing region."
On the other hand, some people worry that after opening the door of corn imports, Chinese corn will repeat the same mistakes as soybeans. However, Zhang Qi, manager of the China CornNet Information Department believes that such concerns are unnecessary. “Maize and soybean are not comparable because the output of Chinese soybeans is more than 10 million tons, and imports are more than 10 million tons, which has a great impact on the entire pattern. However, China’s corn production is 150 million tons, and millions of imported corn are imported. T will not cause too much impact on the market."
Some analysts believe that the expected reduction in US corn production and the expected harvest of China's corn will further reduce the intra- and intra-pane corn price differential. At present, the number of imported corn in China has shown a downward trend.
The COFCO, the importer of the consignment, also confirmed to reporters yesterday that the ship’s corn was indeed one of the state-owned import quotas for COFCO. It is currently negotiating with the foreign party on the shipment and related losses will be borne by the supplier.
The imported GM corn was returned to the Merchants Harbor Terminal in Shekou, Shenzhen. A freighter loaded with more than 50,000 tons of genetically modified corn from the United States quietly moored in the port and waited for its fate of “going homeâ€.
The Shenzhen Entry-Exit Inspection and Quarantine Bureau official told reporters: “This batch of corn has a total of 54,000 tons, imported by COFCO, and shipped to Shekou Port in September. The bureau made a return decision at the end of October because the batch of corn was detected in the country. Not allowed genetically modified ingredient MON89034. The relevant return procedures are currently being processed."
It is reported that at present, there are more than 20 varieties of genetically modified corn in the world, but China only allows 11 kinds of imports.
The U.S. Department of Agriculture has also issued an announcement confirming that China has indeed rejected a ship of U.S. genetically modified corn. This is the first time that China has rejected U.S. feed (coarse) grain clearance. The questioned MON89034 was officially approved by the U.S. in 2008 and approved in other parts of the world. China began testing the composition at the end of 2008 and the approval has not yet been completed. A spokesman for the U.S. Department of Agriculture said that the U.S. grain industry representatives are negotiating with the Chinese government and the U.S. Department of Agriculture will monitor the changes in the situation.
Zhang Xinyue of the Public Relations Department of COFCO Group confirmed to the reporter of “Daily Economic Newsâ€: “The ship’s corn is indeed one of the state-owned import quotas implemented by COFCO. During the implementation of the import task, COFCO strictly implemented the relevant national policies and has All of the strict agreements are currently being discussed with the foreign parties regarding the return of shipments. According to the contract, the relevant losses arising from such accidents will be borne by the foreign suppliers."
According to another source, the corn issues that COFCO bought from a Japanese trading company may be transferred to Japan.
Genetically Modified Maize
In May of this year, it was reported that COFCO had ordered 115,000 tons of genetically modified corn from the United States. However, according to the "Daily Economic News" reporter, the actual number is much more than this.
A person from the Shenzhen Entry-Exit Inspection and Quarantine Bureau told the reporter: “Since this July, the Shenzhen port has successively accepted 10 batches of US GM corn cargoes, totaling 600,000 tons, all of which were imported by COFCO. In addition to this cargo, the rest were approved. The sub-cargo has no problem and has successfully entered China's major feed mills."
Mr. Wang, a staff member of Shandong Rizhao Port, also told reporters: “The first batch of genetically modified corn from the United States arrived in Rizhao, Shandong around June. As of October, sunshine received a total of 367,000 tons of US GM maize. Until now, no detection has been made. what is the problem."
According to reports, in addition to COFCO, private companies such as New Hope Group (18.40, -0.75, -3.92%) also imported large amounts of genetically modified corn from the United States this year. Earlier media reports said that the New Hope Group had signed a contract with a private US grain exporter and that a ship of US genetically modified corn arrived at a terminal in Shandong by the end of August.
It is conservatively estimated that more than 1 million tons of US GM corn has flowed into China since this year. Earlier, the Ministry of Agriculture had revealed to the media that this year China has purchased 1.5 million tons of corn from the United States, setting the highest level of imported corn since 1995.
The inversion of domestic and international corn prices is the trigger for this year's corn import surge. Last Friday, the US corn futures price closed at 553 cents per bushel, or about 1,452 yuan per ton. Yesterday, the Dalian Commodity Exchange corn 1109 futures closed at 2,278 yuan per ton. According to reports, the price of the genetically modified corn purchased by COFCO was lower than 1,620 yuan per ton.
Increasing corn import quotas is considered to be one of the measures for China to curb soaring domestic corn prices. Before China was a net exporter of corn, China suffered from drought and increased demand last year that caused China to import corn this year. Some analysts expect that China will still be a net importer of corn in the coming years.
In the future, there will be more and more genetically modified corn in China. It is reported that China can only import corn from the United States, Peru and Thailand. On November 18th, the President of Argentina stated that in 2011 China will purchase 5.5 million tons of corn from Argentina. Argentina is the world’s second-largest maize supplier after the United States. Nearly 80% of the corn produced each year is genetically modified.
Queries about the dangers of genetically modified crops to the human body and the environment have been heard. Luo Yuannan, director of the Food and Agriculture Project Team at Greenpeace, said: "There is no evidence to prove that animal food is harmful to humans after it has been transformed. However, genetically modified corn may have a certain impact on the environment in the growing region."
On the other hand, some people worry that after opening the door of corn imports, Chinese corn will repeat the same mistakes as soybeans. However, Zhang Qi, manager of the China CornNet Information Department believes that such concerns are unnecessary. “Maize and soybean are not comparable because the output of Chinese soybeans is more than 10 million tons, and imports are more than 10 million tons, which has a great impact on the entire pattern. However, China’s corn production is 150 million tons, and millions of imported corn are imported. T will not cause too much impact on the market."
Some analysts believe that the expected reduction in US corn production and the expected harvest of China's corn will further reduce the intra- and intra-pane corn price differential. At present, the number of imported corn in China has shown a downward trend.
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