Europe reacted to soaring cereal prices on Thursday by seeking to boost output through scrapping limits on grain production imposed 15 years ago. The European Commission said it would suspend for at least a year a rule requiring farmers to set aside 10 per cent of their land. Agriculture ministers from the 27-member bloc and the European parliament should approve the move by the end of the month. http://www.ft.com/cms/s/0/3548d248-6236-11dc-bdf6-0000779fd2ac.html