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London wheat closed up £1.85 yesterday, sterling gained against euro despite all the political uncertainty over Brexit
US markets had a quiet day but were slightly weaker after two days of solid gains. Prices are at low levels (soya 9 year low) with large harvest looming, although rain is causing delays. Stock market highs, high oil prices, good economic data (unemployment report due Friday) increase expectation of interest rate rise which is bearish commodities as it slows exports.
Russia and Saudi have increased oil production by 1 million barrels a day but prices have not fallen by much.
Continued speculation about Russian exports. Quality controls could slow export and has made shippers nervous of over committing sales; Russian domestic prices have risen in the last few weeksauthor: Joe Beardshaw