There has been little fresh news for markets this week, although on Thursday world futures markets posted significant rallies with many hitting new contract highs. Speculative funds were again assertive buyers of Chicago Board of Trade (CBOT) wheat and corn contracts as they continue to build significant long positions. Their stake in the markets is similar to those they held back in 2010 and 2012 when adverse weather severely cut wheat and corn output for many of the world's primary producers.

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