GM imports may reduce corn prices

Grain market in China sees major shift in supply-demand balance

The government's move to ease import restrictions on genetically modified corn may drive down domestic prices for the crop, which is already uncompetitive on the international markets, raising concerns among local farmers struggling with rising planting costs and low profits.

Argentina's Ministry of Agriculture, Fishery and Food on Tuesday said that China had approved imports of one of the country's GM varieties of corn, Syngenta AG's Agrisure Viptera, also known as MIR 162.