* Genetically modified corn not covered by import pact
* Most Argentina corn is genetically modified
* No corn to be sent to China until GMO issue settled
BUENOS AIRES, May 2 (Reuters) - Argentina will not export
corn to China until a deal is reached over the genetically
modified crops, which are favored by farmers in the South
American country but currently barred by Beijing, an industry
group said on Wednesday.
In February, Argentina announced an agreement with China on
corn exports. Chinese authorities said the pact took effect on
April 20, which raised market expectations that ships laden with
corn from the Pampas would soon start heading to China.
But the head of Argentina's Maizar corn industry group said
on Wednesday that Argentine farmers, eager to compete with U.S.
growers for the Chinese market, would have to wait.
"There will be no exports of Argentine corn to China until
the various types of genetically-modified corn are approved,"
said Martin Fraguio of Maizar.
The two countries reached agreement on April 20 on some
varieties of corn, but have not settled differences regarding
GMO corn, he said.
An Argentine agricultural official was not immediately
available for comment on an official Chinese statement, which
said import inspection authorities "had signed an agreement,
which granted approval for Argentine maize and corn imports into
China."
Grain powerhouse Argentina wants to optimize farm sector
income to help its economy resist fallout from Europe's
financial mess and slowing demand from key trade partner Brazil.
But even if Argentina could export corn from the 2011/12
crop year, which is now being harvested, shipments would be
limited by low yields caused by a drought that parched the
Pampas farm belt during the Southern Hemisphere summer in
December and January.
According to the U.S. Department of Agriculture (USDA),
Argentina should export 14 million tonnes of new-season corn,
down from 16 million tonnes in the 2010/11 crop year.
Chinese demand for corn imports may remain high after
excessive rains in its northern corn belt last year reduced the
quality of the crop there.
The Asian giant is already a major importer of Argentine
soybeans, which are processed into soymeal used to feed cattle
needed to keep up with demand as China's rapidly growing middle
class acquires a taste for beefsteak.
Grains exporters with operations in Argentina include
Cargill Inc, Bunge Ltd, Molinos Rio de la Plata
, Noble Group Ltd and Louis Dreyfus.
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