EU Considers Suspending U.S. Corn Gluten Imports

Last week USDA cut its corn export forecast by 50 million bushels. But new talk may cut exports even more.

According to Dow Jones Newswire, the European Union Commission is considering suspending U.S. corn gluten imports as a result of Syngenta's unintended release of Bt10 corn.

The EU is upset with the United States' handling of the exports to the EU that allowed a small amount of the unapproved biotech corn event to enter Europe. Dow Jones reports that the EU Commission will decide on Tuesday whether sanctions against the U.S. are warranted.

Agriculture Secretary Mike Johanns says if the EU decides to impose sanctions, they would be "not be justified."

The latest news is another blow to the corn market, which is already under significant pressure. Last week Japanese importers halted cargos of corn shipments in fear they might contain Bt10 corn.