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Dec #wheat is unchanged as the market was closed due to the US 4th of July public holiday. The #AUD is up 0.44c ahead of the RBA’s monetary policy decision which is expected to hike rates by 25-50bps and China’s services #PMI is expected to increase to 47.3 vs the previous 41.4.

Dec #wheat is ↓38.00USc/bu as Russia alters their wheat export tax to be based in rubles instead of USD, the effective tax burden on Russian exporters will be approx $85/T less. The #AUD is ↓0.75c as the US Manufacturing #PMI came in weaker than expected reaching a 2-year low.

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