17-04-2014 00:54 AM | China

China rejections of GMO U.S. corn cost up to $2.9 bln

China's rejections of a banned variety of genetically modified U.S. corn have cost the U.S. agriculture industry up to $2.9 billion, a grain group said on Wednesday in the first estimate on losses from the trade disruptions.

The National Grain and Feed Association (NGFA) estimated in a report that rejections of shipments containing Syngenta AG's Agrisure Viptera corn resulted in losses of at least $1 billion, based on an economic analysis that included data supplied by top global grain exporters.

China, the world's third-biggest corn buyer, in November began rejecting corn containing Viptera, known as MIR 162, after previously accepting the grain.
Full Story : Reuters