China rejected a cargo of U.S. corn because it contained a genetically modified variety that is not approved for import, according to an unidentified trade source. The shipment reportedly contained Syngenta Ag's Agrisure Viptera corn.
Sources indicate China is expected to approve this variety later this year or in the year-ahead. This variety is approved by a number of other countries, including Japan, the European Union and Mexico.
Reuters newswire cites Paul Minehart, head of Syngenta Corporation's corporate communications, as saying the company is "not aware of any such incident."
Nevertheless, the corn market extended losses in reaction to the news.