Agribusiness Update for Wednesday 1/1/14

A new reports says Russia is going to allow genetically modified crops to be grown within the country, according to a government decree. The decision will take effect July 1, 2014. However, registration for GM seeds is anticipated to take a couple years. Currently GM crops can only be grown in experimental fields. Only certain varieties of imported grains can be GM. Approximately 22 plant varieties are approved for import.

U.S. corn exports to Latin America continue to grow. According to the USDA, the Western Hemisphere's accumulated U.S. corn imports are more than 67 million bushels ahead of last year at this same time. Mexico, the second-largest U.S. corn market, is the largest contributor to this market change, importing 39.4 million bushels more than last year.

The eyes of the world will be on Colorado today as adults 21 and over become eligible to legally buy marijuana for the first time anywhere. Sales will be tightly controlled, regulated like alcohol is currently, and subject to a number of restrictions preventing sales to minors, intoxicated driving, smoking in public and other undesirable behavior. Adult Coloradans are eligible to buy up to one ounce of marijuana; out of state visitors up to one quarter-ounce.

That's today's Agribusiness Update from the Ag Information Network.