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London wheat closed up £1.50 yesterday as sterling was slightly weaker and some bullish influences appeared.
French corn crop put at 12.5 mmt which is 7% down year on year ( and 3% lower than august estimate) and smallest crop since 2003. Whilst 40% French corn is irrigated, dry weather has reduced yield.
Russian wheat production estimated at record 72 mmt but Russian exports are currently behind last year. Stronger rouble, variable wheat quality and logistical problems may make it difficult for Russia to gain greater market share into certain destinations.
Dry conditions in Ukraine hampering planting of wheat crops for 17 crop (same as last year but crops exceeded expectations).
US markets higher due to better exports and wet weather delaying harvest
Ensus , UK bioplant and big user of wheat ‘may’ continue production beyond October.
Oil firms up, brent crude c. $48 author: Joe Beardshaw