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Wheat futures dropped by two percent in May and was a frantic month for traders. During the first three weeks of the month, production output was upgraded and wheat prices were lowered. However, a strain of genetically modified wheat was discovered on farms in Oregon in the US, and several Asian countries withheld wheat orders as a result. The ensuing confusion caused prices to rise. Francisco Redruello, senior foods analyst at Euromonitor, also discusses corn, sugar, cocoa and skimmed milk powder in this monthly roundup.
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