It notes that smallholder farm yields fall short of the estimated potential for most food crops (cereals and pulses).
Yields were all higher – meaning prices were down – on Portuguese, Spanish and Italian bonds on Friday.
At the same time, yields on benchmark 10-year German government bonds, or bunds, fell to a record low of 0.05%, reflecting their perceived safe-haven status among investors.
"The contagion risk to other economies is significant; we think that Grexit would lead to the reintroduction of a currency-risk premium and higher peripheral bond yields," said the consultancy Oxford Economics.
The bankers and the hedge fund owners did well out of QE, but the side-effect of footloose money searching the globe for high yields was higher food and fuel prices.
The impact was immediate: stockmarkets jumped higher and the bond yields of Spain, and Italy, went swiftly into reverse.
The planting materials and fertiliser distributed through these buildings will help local farmers increase their yields.
UK bond yields are low because growth is so appalling that the markets have no expectation that the monetary policy committee will be able to raise interest rates for years, and because we have our own central bank that can initiate quantitative easing.
In the meantime, here's more analyst comment, this time from Investec's Brian Barry: The auction will be a litmus test as to demand for their paper given the impending election... if there's a marked increase (in yields) then we'll know investors are getting a bit more worried.
Yields shot up not only on Dutch bonds but on Spanish, Italian and French 10 year bonds as well.
Michael Hewson of CMC Markets predicted that the Dutch authorities may have to agree higher borrowing costs than at previous auctions of this type of debt (am looking for old data on this now....) While the two issues look likely to get away, the yield on the issuance could well be higher, given the sharp rise in yields seen yesterday.
