Grain authorities reject massive wheat cargo – Egypt

European wheat futures plunged by almost €7/t this week when the Egyptian grain authority rejected a 63,000t cargo of French milling wheat on the grounds of grain fungus levels. As a result, grain merchants effectively locked Egypt out of the market by refusing to make offers on new tenders from the world’s largest wheat importer.

Oil needs to rise to $60/barrel – UK

Bob Dudley, chief executive of British Petroleum (BP), said the group would need to see oil prices at around $60/barrel next year in order to balance its books. Dudley made his comments after BP reported a record annual loss for 2015 of $6.5bn after a tough year when oil prices hit the floor and are still hovering around the $32/barrel mark.

Downturn in agri-markets will persist says Agco – US

Machinery giant Agco warned that global markets are likely to remain difficult, with the group warning investors with a negative outlook for 2016. The group announced the downbeat outlook for 2016 this week after it reported a 23% decline in sales for 2015.

Executives in world’s largest meat processor accused of financial wrongdoing – Brazil

The Brazilian public prosecutor has accused senior executives within JBS, the world’s largest meat processor, of financial wrongdoing as the scrutiny around corruption in Brazil intensifies. The allegations relate to loan transfers close to €18m made between the JBS group and Banco Rural, a Brazilian lending institution.