Corn Futures Lower as China Scrutinizes GMO Products

People with inside knowledge of China’s grain import dealings claim that country is cracking down on corn-based animal-feed ingredients because of unapproved genetically modified varieties of the grain.  Inspectors in Shanghai recently found a contaminated batch originating from the US, they say.

An official statement from the Bejing-based inspection administration said last week that as of December 19th, they have rejected twelve regular corn shipments from the US totaling 545T metric tons because they were deemed to be tainted with GMO corn.  China’s vice-minister of agriculture simply stated their country needs to test the corn-product to safety certify it.

Couple farmers eventually having to move corn out of storage and to the market, with China canceling orders, and you have a good chance for lower prices,” said Christian Moreno, a commodities broker for HighGround Trading Group in Chicago, regarding the current corn futures situation.  

Corn futures trend is still very much technically down.  If corn futures can break down below $4.185 per bushel there is no bottom in sight.

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