China’s rejection of shipments of US corn containing traces of unapproved genetically modified maize has caused a significant drop in exports. According to a new report, US traders have lost $427 million in sales.
Overall, China has barred nearly 1.45 million tons of corn shipments since last year, the National Grain and Feed Association (NGFA), an American industry association, said Friday.
The tally is based on data from export companies and is significantly higher than the previous numbers reported by the media, which said roughly 900,000 tons were affected. US corn exports to China since January are down 85 percent from the same period last year, the report says….
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