Biotech Concerns Hurt Corn Futures

October 26, 2000

CHICAGO (AP) via NewsEdge Corporation -

Corn futures retreated Wednesday in early activity on the
Chicago Board of Trade amid concerns that worries about
gene-altered corn might hurt U.S. exports. Other grains
and soybeans were mixed.

Corn prices slipped on fears that the continuing
controversy involving StarLink corn will hamper the
potential to make good on ambitious targets for U.S. corn
exports.

StarLink is at the center of a recent U.S. recall of taco
shells found to contain it. The genetically engineered corn
is not approved for human consumption because of a
special protein it contains that takes longer than normal
to break down in the digestive system.

Traders' concerns were raised when the Health Ministry in
Tokyo said Wednesday it is asking Washington to make
sure StarLink corn isn't exported there. Its statement
came after a consumer group complained that it found
traces of StarLink in snacks sold in Japanese stores.

Soybeans were little-changed in early trading, gaining
slight support from forecasts for rains that are expected to
cause harvest delays in the Midwest this week.

Wheat edged higher on perceptions the market was
oversold.

Wheat for December delivery rose 1 cent to $2.57\ a
bushel; December corn fell { cent to $2.03{ a bushel;
December oats rose \ cent to $1.09\ a bushel; November
soybeans rose } cent to $4.68{ a bushel.

Beef and pork futures declined in early activity on the
Chicago Mercantile Exchange.

December live cattle fell .02 cent to 72.30 cents a pound;
January feeder cattle fell .20 cent to 89.47 cents a pound;
December lean hogs fell .92 cent to 52.65 cents a pound;
February frozen pork bellies fell .90 cent to 60.30 cents a
pound.