UK - English sheep flock expands in 2016

Sheep numbers in England grew by 1% in the last year to reach 15.3m head, according to the UK’s Agriculture and Horticulture Development Board (AHDB). Lamb numbers increased 1% to reach 7.8m head, while the breeding ewe flock increased slightly to 7.1m head.

Russia - Winter wheat sowings completed

The Russian agriculture ministry is forecasting a 6% increase in winter wheat sowings this season to more than 17m acres. Despite weak global prices for wheat, Russian farmers are expected to increase wheat production thanks to a weak currency (Rouble), which is supporting exports.

USA - Largest wheat harvest in nine years

The USDA has estimated this season’s wheat harvest in the US at more than 63m tonnes, which is the highest wheat harvest in the US since 2008. Further north, Canada also harvested a bumper wheat crop this year, estimated at more than 30m tonnes, which is the largest in 25 years.

Iran - No agreement on production cap reached

Hopes of an agreement on curbing oil output between Opec members has been dealt a blow this week after Iran said it will not freeze oil production until it regains a 13% share of the cartel’s production. Oil prices fell sharply on the back of the news to fresh lows of $46/barrel.