|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.|
China rolls out GMO corn planting, starts small
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.