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French Agriculture Minister Says Grain Price Rise ‘Preoccupying’

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July 28 (Bloomberg) -- French Agriculture Minister Stephane Le Foll said a surge in grain and soy prices is a “major preoccupation” worldwide.

“The current situation must be watched carefully,” Le Foll said in an e-mailed statement. He warned against provoking “speculative” price movements.

The French government has asked that crop forecasts and market outlooks be monitored at the United Nations’ Food & Agriculture Organization, according to the statement.

If the drought situation worsens in the U.S. and Russia, a rapid reaction forum put in place by G-20 countries could comment or hold a formal meeting, Le Foll said.

Wheat, corn and soybean futures have climbed as dry weather in the U.S. and Russia reduces global supplies.

To contact the editor responsible for this story: Tara Patel at tpatel2@bloomberg.net

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