Over one million hectares of Argentine cropland has been affected by floods this month. Almost 200mm of rain fell over the course of one weekend in the Buenos Aires region, which caused fields to flood, leading to heavy crop losses and harvest delays. However, cool temperatures have provided respite from disease risk.

China’s cheese market is growing 20% annually, as both supply and demand increases. Cream cheese, cheddar and mozzarella are the most popular among consumers, while children and young adults are said to have the highest demand. Improvements in production processes have also been made due to the growth.

US dairy farmers are concerned that President Trump’s plans to renegotiate the North American Free Trade Agreement could harm trade to Mexico, America’s largest export market. It takes one-third of its exports in the form of milk powder, cheese and whey protein, valued at $1.2bn, nearly double the value exported to Canada.

Wheat prices on the London stock exchange have hit their highest in nearly three years after markets gained support from worries over dry weather threatening this summer’s crop. Wheat futures touched £149.50/t, the highest on a spot-contract basis since May 2014, as evidence of smaller-than-expected stocks further contribute to market tightness.