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London wheat closed up 5p but on very thin volume; sterling slightly weaker.
Danish wheat prices rose helping possible / unlikely UK wheat exports, subject currency.
Barley is having greater activity, trading at a premium to wheat in Spain, this could provoke big boat exports.
USDA report was expected to have little market impact, but saw big falls in corn and a rise in wheat. Corn stocks estimated higher than highest analyst estimate, resulting in corn setting new lows and breaking previous support levels; will this see commercial buying? But funds increased shorts. Corn numbers were surprising, yields were estimated high when the crops in the field had worst rating since 2013. Wheat gained, stocks lower than pre report estimates but there is still a lot of wheat about, will the rise be sustained?
Brazil further reduces wheat crop to 4.57 mmt, 32% below last year
Oil stable with Brent c.$64 barrel author: Joe Beardshaw