The USDA has forecast whole milk powder (WMP) imports to China will decline to 400,000t – a decrease of 30% – as a result of a large carry-over of stocks from 2014. China is a key driver of the global WMP market due to a very high level of demand for infant formula and a distrust of the domestic dairy industry due to a number of food scandals.

While Irish tillage farmers contemplate the year ahead and our stagnant yield experiences, it is worth noting that US growers are contemplating 300 bu corn (7.6 t/acre). Researchers say it will take a little time, but the achievement is seen as when, not if.

With the majority of the 13.3m ha of spring cropping expected to be planted in the Ukraine over the coming weeks, total cereal and oilseed plantings are estimated at 20.5m ha, 5% lower than 2014. However, some market analysts are still suggesting a high crop output this year.

Deere & Co has raised its forecasted drop in sales of machinery in South America from 10-15% to 15-20% for 2015. The company behind the green tractors said the economic uncertainty in Brazil, coupled with higher interest rates on finance, was negatively affecting sales in the region.