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London wheat was, on average, down 60p yesterday but with little activity. Sterling undecided as Brexit negotiations stumble along.
US markets down, especially wheat (5 month low), a reaction to Canada raising wheat crop from 27.1 mmt to 30 mmt, this was unexpected after summer drought. The reaction backed up by non-commercials / funds going long, which could see selling stampede.
Soya, after recent rises, saw 2017 market highs reached, but hesitant as South American weather is being watched; La Nina blamed for dry south America and wet Australia.
Russia gains markets into S.E. Asia and Middle East; traditionally supplied by Australia. Russian wheat up to $100 cheaper than Australian in certain grades.
Oil falls 2.7% as good gasoline supplies in US may mean less demand for crude / refining.author: Joe Beardshaw