According to Reuters news, "Syngenta, one of the world's largest seed companies, will make an announcement when it receives official documentation from China that Agrisure Viptera corn, known as MIR 162, has been cleared for import, spokesman Paul Minehart said. He declined further comment."
Many Kentucky, Indiana, and Iowa corn farmers might take this as a sign corn prices are finally about to rebound following the nearly 50-60% decrease in prices they experienced in 2013; however, such hope is likely misplaced.
Despite the expected approval of Syngenta's Viptera GMO MIR 162 corn, analysts who closely follow corn prices and corn futures do not believe China's approval of Viptera is going to have any immediate impact on improving corn prices for farmers or immediately increasing acceptance of corn shipments from the U.S.
In fact, even though premature rumors of Viptera approval leaked early in the week, causing corn prices to reach a 5 month peak, prices fell again today as speculators reconsidered the risks China would continue to reject Syngenta's other GMO corn, Duracade. Duracade was first harvested in the U.S. in August of this year. Unless and until China approves this GMO variety, China will likely continue to reject most if not all U.S. corn shipments.
And we all know what rejected corn shipments mean to Kentucky, Indiana, and Iowa farmers, corn and grain elevators and other corn dependent businesses...continued decreased corn prices and decreased profits and revenues.
The lawyers at the Poppe Law Firm continue to assist farmers in Kentucky, Indiana, and other states in evaluating whether they have been impacted by the Syngenta Viptera corn rejections and whether they can make a claim to recover lost profits. Please call us or use the contact form on our website if you'd like more information about how we might be able to help.