China gives long-awaited OK for GMO crops, including DowDuPont soybeans

|By:, SA News Editor

China approves five genetically modified crops for import, including DowDuPont's (DWDP +1.1%) Enlist soybeans, the country's the first such approvals in ~18 months in a move that could boost its overseas grains purchases and ease pressure from the U.S. to open its markets to more farm goods.

DWDP has been awaiting China's approval of the Enlist soybeans for years; the U.S. Department of Agriculture approved the seeds for sale to U.S. farmers in 2014, but DWDP has held off on widely selling the seeds pending approval from China, the world’s biggest buyer of soybeans.

The decision by China’s National Biosafety Committee also includes herbicide-resistant crops developed by Bayer's (OTCPK:BAYRY +1.9%) Monsanto and BASF's (OTCQX:BASFY +0.1%) Syngenta.

Five other products known to be seeking approvals were not approved, including two GMO alfalfa products developed by Monsanto and two soybean traits by DWDP.

ETF: SOYB

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