China is expected to announce its genetically modified regulations this week

Introduction: Beijing, Nov 26 news: Beijing's trade insiders disclosed to FWN on Monday that there was a rumor on the floor of Dalian Commodity Exchange on Monday that China's Ministry of agriculture would release the long-awaited rules and regulations on genetically modified safety in the last week of November Traders added that the promulgation and final implementation of these regulations may have a profound impact on the import of genetically modified crops after China's accession to the WTO Soybean futures on the Dalian Commodity Exchange rebounded strongly on Monday, with leading contracts rising 20 yuan per ton to 2101 yuan per ton in September in the first trading hour, mainly due to market expectations that China will reduce imports of genetically modified soybeans after the promulgation of these rules and regulations According to analysts and well-informed people from China's national grain and oil information center, the exact time of promulgation of the genetically modified regulations cannot be confirmed, but there is a great chance of promulgation in the next few days On June 6, China issued strict regulations to regulate genetically modified products, including soybeans These regulations require the provision of safety certificates that confirm that genetically modified products are harmless to humans, livestock and the environment, and that they are properly labeled However, the details of how these policies are implemented have not been published, which led to a decrease in soybean procurement in China in the following months Because of the confusion of traders in China and the United States, they are reluctant to purchase, fearing that their cargo ships may not pass the tedious inspection At the Asia Pacific Economic Cooperation meeting held in Shanghai at the end of last month, when senior leaders of the two countries met, President Bush of the United States protested to China about the problems encountered in the soybean trade, and then the soybean trade between the United States and China made remarkable progress Since then, port quarantine authorities appear to have relaxed inspection measures, according to trade sources in Beijing According to FWN's previous reports, at least nine U.S soybeans arrived at Chinese ports in October and November, with no significant delay in quarantine inspection Two weeks ago, a Chinese government delegation visited Rio Grande do Sul in southern Brazil to discuss the purchase of genetically modified soybeans for 2001 / 02 Recently, industry insiders said that China's domestic soybean processing plants have signed contracts to purchase up to 10 ships of South American soybeans in 2001 / 02 (October to September of the next year), and the shipment period from April to May But according to the source of China Grain and oil information center, the actual quantity may only be 5 to 6 ships, and the price is about 40 cents per bushel on the soybean period price of CBOT in May According to the latest data released by China's customs on Thursday, China imported 897724 tons of soybeans in October and 12.06 million tons from January to October 2001, 37.4% of which came from the United States The latest USDA forecast for China's soybean imports in 2001 / 02 is 14 million tons, up from 13.2 million tons last year China's national grain and oil information center and the counselor of the U.S Department of agriculture in Beijing estimate that China's soybean imports in 2001 / 02 were close to 12 million tons.