Losses to the U.S. agricultural industry resulting from China’s rejection of corn shipments containing the MIR 162 trait could be as high as 2.9 billion dollars.
That’s according to a report released by the National Grain and Feed Association. NGFA says the bulk of that loss is in an estimated 11-cent per bushel lower average price paid to farmers for their corn. The estimate also includes losses to corn exporters and sellers of DDGs, as well as China’s rejection of several soybean shipments which it claims contained the banned corn variety.
In the U.S., the MIR 162 variety is marketed by Syngenta as Agrisure Viptera. The report warns that more trade disruptions and economic losses are possible in the next marketing year due to the introduction of another Syngenta biotech variety into the supply chain. That product, called Agrisure Duracade, is being planted in the U.S. for the first time this spring.
Viptera and Duracade have both been approved for use in the U.S., but have not received Chinese approval.