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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  BRF - Brasil Foods SA    BRFS3   BRBRFSACNOR8

BRF - BRASIL FOODS SA

(BRFS3)
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Brazil seeks China's OK for genetically modified sugarcane

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05/15/2019 | 01:20pm EDT

BEIJING (Reuters) - Brazil's agriculture minister will ask Chinese officials on Thursday to greenlight exports to the Asian nation of sugar made from genetically modified (GM) sugarcane, which is expected to be widely used in Brazil in coming years.

Minister Tereza Cristina Dias told Reuters in Beijing on Wednesday, on her first visit to Brazil's top buyer of farm goods, that she would raise the GMO issue during a visit to China's General Administration of Customs on Thursday.

Brazilian officials will make the case that the sugar has no traces of modified genes after the GM cane is processed, similar to soy oil made from GM soybeans.

"We export sugar and will export sugar made from GMO cane. The sugar itself is not genetically modified, so we're going to explain about the scientific process and explain why sugar should not be considered by science as a GM product," Dias told Reuters through a translator.

Brazil's CTC (Cane Technology Center) developed the GM cane variety that is resistant to the cane borer, which could reduce pesticide costs.

Mills in the world's largest sugar exporter are already testing the variety.

Brazil's government has approved commercial use of GM cane, and the U.S. Food and Drug Administration has ruled that it is safe to consume sugar made from that cane.

"The production of these varieties will increase a lot in Brazil, so it's something we need to discuss," Dias said.

China has been slow in approving genetically modified foods in general. Last month, a Brazil agriculture ministry official complained that Chinese approvals take about five to six years, up from 240 days in 2010.

The minister said she would also raise the issue of 79 meat plants seeking approval to export beef, poultry, pork and other meat to China. Only 10 of them have been inspected by Chinese food quality officials to date.

"One thing we're going to discuss is if it's necessary to visit all plants or if they can select a sample," Dias said.

She added that the ministry was building a new relationship with China's customs administration which only recently took on the role of approving imports after a Chinese government shuffle.

Brazil is one of a few countries able to supply China with significant quantities of meat when it experiences a large drop in output of pork expected later this year due to the African swine fever outbreak, Dias said.

(Reporting by Dominique Patton; Additional reporting by Marcelo Teixeira in Sao Paulo; Editing by Richard Chang)

By Dominique Patton

Stocks mentioned in the article
ChangeLast1st jan.
BRF - BRASIL FOODS SA 3.07% 31.85 End-of-day quote.45.23%
CTC CENTRO DE TECNOLOGIA CANAVIEIRA SA 0.00%End-of-day quote.0.00%
EURO / BRAZILIAN REAL (EUR/BRL) 0.09% 4.5053 Delayed Quote.1.83%
JBS SA 4.27% 23.22 End-of-day quote.100.35%
LONDON BRENT OIL 1.88% 69.22 Delayed Quote.25.54%
UNIVERSAL SCIENTFC INDUSTRL SHNGH CO LTD -0.16% 12.11 End-of-day quote.34.56%
WTI 1.43% 59.02 Delayed Quote.28.15%
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Financials (BRL)
Sales 2019 35 363 M
EBIT 2019 1 554 M
Net income 2019 136 M
Debt 2019 13 359 M
Yield 2019 -
P/E ratio 2019 114,08
P/E ratio 2020 25,02
EV / Sales 2019 1,11x
EV / Sales 2020 1,02x
Capitalization 25 877 M
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Number of Analysts 14
Average target price 30,5  BRL
Spread / Average Target -4,1%
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Managers
NameTitle
Pedro Pullen Parente Chairman & Global Chief Executive Officer
Lorival Nogueira Luz Chief Operating Officer
Elcio Mitsuhiro Ito Chief Financial Officer
Luiz Fernando Furlán Independent Director
Walter Malieni Independent Director
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