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The bank warns the UK not to expect food prices to remain low outside the EU.

Bidwells consultant Ian Monks says high quality land should hold its value, but less high quality farmland might become cheaper and more available.

The strategy, which would need $400bn over the next 10 years, will co-ordinate and attract increased investment by looking at value chains and helping to reduce risk for investors.

The legislation would require labelling of GE food products but prohibit states from passing similar laws.

The long-term future of Britain's farmland values remains uncertain, with analysts divided on whether the market will be hit by subsidy cuts or stay flat.

The transaction is the fifth acquisition for the sorghum specialist, which is also backed by GE Capital, BP Alternative Energy and the Malaysian Life Sciences Capital Fund.

Pope Resources has agreed to acquire 7,300 acres of timber in western Washington state from Hancock Timber Resource Group.

The $246m sub-Saharan focused African Agriculture Fund has bought a stake in an agricultural equipment manufacturer.

The market value for institutionally owned US timber was $24.3bn in the first quarter of this year.

The company will use funding led by Monsanto Growth Ventures to develop products that combine drones, data analytics and genomics to improve crop yields.