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China's tougher stance on imports of genetically modified corn is roiling U.S. agribusiness, largely halting trade in the biggest U.S. crop in its fastest growing market. By one industry estimate, exports are down by 85% compared with last year.
The North American Export Grain Association, which includes ADM and Cargill, has called on seed companies to fully bear the risks and liabilities from selling their products. It also has objected to introducing seeds with genetics that haven't secured approvals in major markets. Grain groups have called on Syngenta to stop selling such seeds until China grants approval.
Syngenta has rejected those calls and this year introduced a new corn seed that China hasn't approved. The company declines to say if the seed companies should bear financial responsibility for rejected shipments.
In addition to its core business of providing seeds, the company will extend the scope of its business to maize plantation, R&D, production, and the sale of Monsanto products in China, with Monsanto providing cutting-edge technology for the company. Backed by the technology and resources of Monsanto, as well as its own quality-control system and after-sales service network, the company plans to launch new projects, including the production of an advanced strain of Monsanto corn seeds.
Let's hope they will ban all GM crops soon for the our sake.