Corn traders worry as China rejects shipments said to contain GMO strain

|By:, SA News Editor

Corn futures (CORN) fell amid mounting concerns that export demand will suffer because China has been rejecting U.S. grain containing an unapproved genetically modified strain.

This week, China rejected more than 120K metric tons in five separate shipments of U.S. corn after inspectors found the genetically engineered insect-resistant MIR 162 strain; regulators had rejected U.S. grain for the same reason last month.

Traders worry the actions could herald a period of reduced shipments to China from the U.S., the world's biggest corn producer and exporter.

Biotech company Syngenta (SYT) has resubmitted an application for the GMO strain to be allowed in China.