| Reuters exclusively reported that China will likely plant less than 1% of its corn fields with genetically modified varieties this year, said two people familiar with the plans, dashing hopes for a full market launch of the technology in the world’s second-largest corn market. The agriculture ministry has designated around 4 million mu (60,000 acres) to be planted with GMO corn this year. The slower-than-expected rollout is disappointing to seed companies that were expecting to boost revenues in a fragmented, highly competitive market. It also comes as an economic recovery is expected to increase China’s demand for corn to feed the world’s largest pig herd. |
EconomyScience
China rolls out GMO corn planting, starts small
16 February 2023, 5:31 pm 1 minute
Market Impact
Companies with GM corn technology approved as safe by Beijing include Beijing Dabeinong Technology Group Co Ltd (002385.SZ), Syngenta Group and Yuan Longping High-tech Agriculture Co Ltd (000998.SZ). Foreign companies are not allowed to sell GMO seed in China. Shares in the seed companies fell this week after remarks in a 2023 rural policy document published by China’s cabinet were taken as an indication of a more controlled release of GMO technology.
Article Tags
Topics of Interest: EconomyScience
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
