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Not surprisingly the markets are very quiet, London 15 crop unchanged but November 16 up 40p; the spread between May 16 and Nov 16 is currently £7.95.
London supported by weaker sterling (1.36 against euro) on the back of disappointing economic numbers.
For the first time in 3 years Egypt bought Argentinean wheat in latest tender, undercutting French wheat by $10. This may be due to the change of government in Argentina, removing export restrictions and also a weaker currency; Ukraine supplies did not feature in the tender and appear to be tightening.
MARS, the European crop bureau, stated European crops could be vulnerable to a cold snap, recent mild conditions have not made them frost tolerant; no cold weather forecast.
Cofco, the Chinese state owned agricultural trader has increased its global profile by buying Nobel agriculture; they are active in 29 countries, employ 9,500 and have annual sales of $14.9 billion.
Oil recovers slightly and OPEC predicts $70 barrel by 2020 href="http://www.bbc.co.uk/news/world-middle-east-35166467" class="nlink">author: Joe Beardshaw