The European Union cut its estimate for wheat stocks at the end of 2015-16, highlighting improved expectations for feed use of the grain – largely at the expense of corn, for which inventories will not fall nearly as far as previously expectations.

Monsanto has reached a settlement with farmers over the discovery of genetically modified wheat on a farm in Oregon, US.

The unexpected presence of the biotech company’s unlicensed GM wheat plants was detected on a farm in the western US state in May 2013.