Sowing the seeds

Agricultural derivatives


You might have missed it, but while the Anglo-French feud over the future of the common agricultural policy (CAP) hit the headlines at the EU budget meeting in December, the most radical reforms in the policy's history were coming to a head for Europe's 7 million farmers. After two years of rule changes, the European agriculture sector – and each and every farmer's income – is now more open to world market prices than ever before.

Pressure from the World Trade Organisation to open up markets has

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