Constantly rising wheat crop estimates, record large global stocks of cereals in total and mostly 'yield-friendly' weather in the Northern hemisphere have continued to erode grain prices over the past month, resulting in US wheat trading near 10-yearlows.Markets seem to have adjusted with remarkable speed to the loss of millions of tonnes of Brazilian maize exports to drought, confident that large US stocks will tide consumers over comfortably until the promised next round of better US, CIS, European and South American corn harvests.
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