The market is still confused when the detailed rules of GMOs are published

Introduction: Beijing, Jan 7: China's Ministry of agriculture has finally released the long-awaited detailed rules of the genetically modified regulations, saying that the regulations will take effect on March 20 Overseas companies exporting agricultural products to China must obtain a safety certificate from the Ministry of agriculture to confirm that the products are harmless to people, animals and the environment, the Ministry of Agriculture said Monday in the Farmers Daily The competent authority will decide whether to issue the certificate within 270 days The importer must obtain this certificate before signing the supply contract But agriculture officials told Reuters that contracts signed before March 20 would not be subject to the more stringent requirements "No security certificate is required." The official replied when asked about imports that were signed after China issued the genetically modified regulations on June 6, but before the implementation of the new regulations Beijing initially required government approval for the production, sale and import of genetically modified food, but did not provide detailed implementation rules at that time U.S soybean exports to China have stalled because of confusion over the new rules, as buyers fear that U.S soybean ships may not pass strict tests 70% of American soybeans are genetically modified As a result, after the rules were issued on Monday, the Chinese government effectively postponed the deadline for their implementation to March, with some analysts expecting trade to resume soon An analyst at the China Grain and Oil Information Center said the government has set a grace period for the implementation of genetically modified regulations Chinese buyers expect to start ordering new soybeans now [expected delay] However, analysts and traders said that it will take longer to sign the contract after March 20, and more complicated procedures will be required to obtain approval, so overseas soybean imports will be limited within a certain period of time This idea led to a rise in local soybean prices in China On Monday, Dalian soybean futures rose sharply, with September's close surging 55 yuan, or nearly 3%, to $2039 a tonne 'we expect that in the short term, or in a few months, overseas exporters and domestic importers will need to adapt to the new rules,' said analysts at CIFC Shanghai But this will not change the overall supply and demand situation at home and abroad, because the current soybean supply surplus This will result in price constraints for soybeans The Ministry of agriculture reiterated that overseas companies applying for certificates need to ensure that these products are listed in the country of origin and that the origin has tested the products to prove that they are pollution-free According to the regulations, imported products without safety certificates and related documents must be returned or destroyed According to the detailed rules, all imported genetically modified soybeans, soybean oil, soybean meal, corn, corn flour, corn oil, rapeseed, rapeseed oil, cottonseed, tomatoes, fresh tomatoes and ketchup must be clearly marked as genetically modified products WGI [the problem remains] WGI officials at the American Soybean Association declined to comment on the rules, saying he had not studied them But some overseas suppliers want clarification "We still have some questions," a trader in Shanghai said of the importance of dates "The rule gives the impression that the Chinese government will not cause trouble until March 20 This is exactly the time when South American soybeans are on the market " In June, when China first promulgated the genetically modified regulations, it was also the time when Chinese buyers began to purchase American soybeans instead of South American soybeans Argentina is the world's top producer of genetically modified soybeans China's trade liar said that more than half of China's soybean imports from South America are genetically modified, and the proportion is increasing Traders say China has ordered 20 to 25 vessels of South American soybeans for April, may and June, with prices rising 40 to 44 cents on CBOT's July contract Many are reluctant to order us soybeans for the near future, partly because of weak domestic prices, but expect to run out by then In spite of various disputes over genetically modified products, China imported 738045 tons of soybeans in November, according to customs data In the first 11 months of 2001, the total import of soybeans was 12.8 million tons, an increase of 32.1% over the same period last year Traders say the imported soybeans will be shipped to several large new crushing plants along the coast, which rely on imported soybeans With imported soybean stocks at least 1 million tons at the port and China's domestic soybean prices still weak, the U.S soybean price for January shipment, although CNF price is only $192, is not enough to attract Chinese buyers WGI (author:) to feed Weibo to: