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Markets are very quiet in terms of movement, London wheat closing unchanged.
US markets also quiet with certain amount of ‘profit taking’. Soya supported by flood damage in Argentina and weak $; Fed Char Yellen has indicated that there is no interest rate rise timetable in place.
US corn planting is ahead of normal (currently 30% against normal 16%) and adequate available moisture. French corn planting is accelerating due to drier conditions.
Sterling fell slightly as UK economic growth slows to 0.4% first quarter from previous 0.6%. Sterling has recently been dominated by Brexit debate; latest phone survey has 45% remain and 38% exit. Eight influential economists have backed exit, they have said - leaving would boost UK economy by 4% in 10 years as removal of EU tariffs would reduce UK prices by 8% helping exports.
Oil was knocked back by US stocks, presently at their highest level since 1929, but also helped by weak $; Brent crude currently $47.25. author: Joe Beardshaw