Dairy processing giant Fonterra has signalled an optimistic outlook for the 2017/18 milking season by forecasting a milk price of $6.50/kg MS (28c/l). The company said it now has “more visibility and certainty” of global dairy markets at this stage of the year.

The EU Commission has downgraded its forecast for French wheat production this season due to a deterioration in weather conditions for winter cereals since mid-April. The Commission cut its forecast yield for French soft wheat by 0.5t/ha to just under 6.8t/ha.

Russian fertiliser producer PhosAgro, which is one of the world’s largest phosphate rock producers, has said that fertiliser prices are struggling to lift despite declining production in China. The price of phosphate (DAP) has dropped another $5/t in the last week to $355/t as extra production comes on stream around the world.

Heavy rainfall across the US Midwest has raised concerns that significant acres of corn could have been lost and large areas will now have to be replanted in parts of Nebraska, Missouri, Illinois, Indiana, Michigan and Ohio. Despite the concerns, US corn prices remain subdued below $150/t.