國米科技（香港）有限公司

WASHINGTON, Aug 17 (Reuters) - The United States on Thursday escalated its objections to Mexico's curbs on genetically modified corn imports, requesting a dispute settlement panel under the North American trade pact, the U.S. Trade Representative's office said. The request to send the dispute to arbitrators was announced after formal consultations failed to resolve deep divisions between the two close trading partners over use of genetically modified (GM) corn, widely produced by U.S. farmers. Mexico's Economy Ministry said it would defend its GM corn policies before the dispute panel, saying on the social media platform X that they "are consistent with trade obligations." Washington alleges that Mexico's decree banning imports of GM corn used in dough and tortillas for human consumption is not based on science and violates its commitments under the U.S.-Mexico-Canada Agreement on trade launched in 2020. If the panel rules in favor of the U.S. and Mexico fails to comply with its directives, USTR could ultimately win the right to impose punitive tariffs on Mexican goods, which could spark a rare North American trade war. U.S. Trade Representative Katherine Tai said in a statement that the move was aimed at enforcing Mexico's USMCA obligations to maintain science-based regulations on agricultural biotechnology. "It is critical that Mexico eliminate its USMCA-inconsistent biotechnology measures so that American farmers can continue to access the Mexican market and use innovative tools to respond to climate and food security challenges," Tai said. Mexico now buys about $5 billion worth of U.S. GM corn annually, mostly for livestock feed. It says biotech corn harms native varieties and may have adverse health effects, an assertion that the U.S. side disputes.   Mexico's also plans to ban the herbicide glyphosate, which it considers dangerous amid lawsuit settlements with cancer patients despite regulators worldwide determining its safety. Many GM corn varieties are modified to tolerate the herbicide. Canada's Trade Ministry, which has sided with U.S. concerns about Mexico's corn policies, "is considering its next steps," a spokesperson said, adding Trade Minister Mary Ng "has consistently been clear about the importance of maintaining science-based approaches to biotechnology approvals." Corn futures temporarily pared gains at the Chicago Board of Trade after USTR's announcement as traders worried the spat could threaten U.S. exports to Mexico. FRUITLESS CONSULTATIONS The panel request follows 75 days of formal consultations requested by U.S. officials in June. Mexico has sought U.S. cooperation to jointly conduct scientific research on the health impacts of genetically modified corn, but Mexican officials told Reuters on Aug. 3 that their U.S. counterparts denied the request. "Mexico's approach to biotechnology is not based on science and runs counter to decades' worth of evidence demonstrating its safety and the rigorous, science-based regulatory review system that ensures it poses no harm to human health and the environment," U.S. Agriculture Secretary Tom Vilsack said in the statement. He added that innovations in agricultural biotechnology to enhance yields also help ease challenges on global food and nutrition security, climate change and food price inflation. USTR's decision drew cheers from U.S. corn trade groups and U.S. lawmakers from both parties, who say Mexico's policies were hurting U.S. farmers. "U.S. officials have exhausted every avenue trying to resolve this conflict and are left with no other choice but to turn to a third-party panel in hopes of quickly rectifying this issue," National Corn Growers Association Tom Haag said in a statement. "We are deeply appreciative of USTR for standing up for America’s corn growers." Republican Senator Deb Fischer of Nebraska said the move would "hold Mexico accountable and prevent its blatant trade violation under the USMCA." Under USMCA's dispute settlement rules, a five-person panel, chosen from a roster of pre-approved experts, must be convened within 30 days, with a chair jointly chosen and the U.S. side choosing two Mexican panelists and Mexico choosing two American panelists. The panel will review testimony and written submissions and its initial report is due 150 days after the panel is convened. Previous USMCA dispute panels last year ruled in the U.S.'s favor in a dispute over Canadian dairy quotas, and against the U.S. on automotive rules of origin, siding with Mexico and Canada. There have been other disagreements between the U.S. and Mexico, most notably over energy in which the U.S. has argued that Mexico's nationalist policy prejudices foreign companies.

Speaking at an industry event on Thursday, JBS CEO Gilberto Tomazoni said he still believes Chinese beef consumption will rise over time as eating that kind of protein is “aspirational” in Chinese society. He said five years ago China’s per capita beef consumption was about 5 kg (11 pounds) whereas now it is around 7 to 7.5 kg (15 to 17 pounds). “When pork prices became cheap again in China, there was no change in the beef curve,” he said. “Beef consumption in China will rise in the long run.”   However, Brazilian beef exports to China in the first half fell 29% to $2.6 billion, and by volume the drop was 5% to 512,306 metric tons, trade data shows. Eduardo Miron, the chief executive of family-owned Brazilian beefpacker Frigol, said at the same event that the slump is cause for concern. He also worries about currently low domestic consumption and exporters’ dependence “on a single importer,” referring to China. According to a U.S. Department of Agriculture (USDA) report issued in March, Chinese demand in 2022 accounted for 64% of total Brazilian beef exports. The closest beef export destination for Brazil was the United States, with a 7.6% chunk.   In 2023, China’s beef imports may fall because its domestic output is expected to increase, said the USDA. “After the end of lockdowns, the mad-cow related ban, we had the impression (China’s) demand would be as strong as in 2022,” said Miron, who was previously Marfrig’s chief executive and worked for Cargill. “We all got surprised.” For meatpackers like Frigol, which only produces beef in Brazil, risks may be greater than for more globalized rivals. “As the Brazilian cattle production cycle reaches its peak, the growing availability of cattle will pressure animal and beef prices downwards this year,” the USDA said.

India accounts for more than 40% of global rice exports The Indian government Thursday prohibited the export of non-basmati white rice with immediate effect this was seemingly in response to both a rise in domestic prices and decreased sowing in several key rice-producing states because of erratic monsoon. According to food ministry data, the retail price of the grain climbed about 15%  in Delhi this year while the average nationwide price gained more than 8%. Shipments will be allowed on the basis of permission granted by the government to other countries to meet their food security needs and based on request of their governments, the notification said.  The latest Indian government move, which has already imposed restrictions on wheat and sugar exports, would affect a large portion of global rice trade. Rice is a staple food for about half of the world’s population, with Asia consuming about 90% of global supply.    Why India is crucial to the global rice trade India accounts for more than 40% of global rice exports, which amounted to 55.4 million metric tons in 2022. India's rice shipments in 2022 were more than the combined shipments of the Thailand, Vietnam, Pakistan and the US, the next four big exporters of the grain. Over 140 countries are net importers of India non-basmati rice. Benin, Bangladesh, Angola, Cameroon, Djibouti, Guinea, Ivory Coast, Kenya and Nepal, having rice a staple food, are key buyers of non-basmati Indian rice. India exported 17.86 million tons of non-basmati rice in 2022. In September 2022, Indian government banned the exports of broken rice and imposed a 20% duty on exports of various grades of rice as the country was itself grappling with high prices of food grains.  The Indian government has not put any restrictions on the export of basmati rice which stood at 4.4 million tons in 2022. Iran, Iraq and Saudi Arabia mainly buy premium basmati rice from India. Indian farmers plant paddy rice twice in a year. Summer-sown crop planting starting in June accounts for more than 80% of the total output, which was 135.5 million tons in the 2022/23 crop year. In winter months, paddy rice is mainly cultivated in central and southern states. Monsoon: The late arrival of the monsoon led to a large rain deficit up to mid-June. And while heavy rains since the last week of June have erased the shortfall, they have caused significant damage to crops. The area under paddy could drop marginally in 2023 because of erratic monsoon rainfall distribution.

Maksym Belchenko/iStock via Getty Images Wheat futures on the Chicago Board of Trade swung between losses and gains before finishing flat Thursday, providing hope that crop markets are starting to settle down after Russia's escalation of the war in Ukraine. U.S. wheat had surged more than 11% in the previous two sessions as Russia pulled out of the Ukraine grain deal, which will force supplies to world markets through narrower and more cumbersome avenues. Both countries warned that ships headed to each other's ports could be considered military targets, marking a new phase of the conflict that began in February 2022. Ukraine has increased reliance on its Danube River ports and rail and road routes via the European Union throughout the war, but a heatwave fanning across part of southern Europe is lowering river levels and restricting export capacity, which will make shipping grain even more difficult. Cutting off the Black Sea ports will cut Ukraine's monthly export capacity from 7M-8M tons to a maximum of ~4M tons, according to Argus Media agriculture analyst Alexandre Marie. CBOT wheat futures (W_1:COM) for September delivery ended virtually unchanged at $7.27 1/2 per bushel, while December corn (C_1:COM) closed -1.3% to $5.46 per bushel and November soybeans (S_1:COM) settled -0.3% at $14.03 1/4 per bushel, with forecasts predicting wetter weather in the Corn Belt over the weekend. ETFs: (NYSEARCA:WEAT), (CORN), (SOYB), (DBA), (MOO) The drop in CBOT grain futures was linked to a wetter weather outlook for the next few days. Ag research firm DTN forecasts isolated and scattered showers in growing areas over the weekend, although conditions are expected to turn back toward hot and dry next week.

Fast facts The services allow users to make cross-bank clearings and settlements on commodities with the digital yuan, according to a Monday announcement by the Shanghai Clearing House, which handles bonds, interest rates, foreign exchange, credit, and commodities. The services could improve the security and cost effectiveness of cross-border settlements of commodities, and boost the internationalization of China’s currency, Dong Dengxin, director of the Finance and Securities Institute of the Wuhan University of Science and Technology, said in a Global Times report on Sunday. Shanghai Clearing House’s move is not the digital yuan’s first use in commodity trading. In October 2022, Shandong International Commodity Exchange facilitated a 1 million yuan settlement on imported rubber with digital yuan, the first digital yuan commodity trading use case in the city of Qingdao, China. China’s CBDC pilot is also spreading in retail usage. On June 20, Qingdao city launched the country’s first digital yuan payments for urban rail transit fees, where users pay from digital yuan hard wallets embedded in their SIM cards. Also on June 20, JD.com, one of China’s leading online shopping platforms, said it saw a 254% increase in the number of digital yuan transactions during the 618 Festival – a shopping festival started in 2010 and taking place from late May to June 18 – from the same period last year, with transaction amounts breaking the record, according to the company. However, JD.com did not disclose the exact amount of total or digital yuan transactions during the Festival. Chinese e-commerce platforms had a relatively quiet 618 session this year amid an economic slowdown.