Australia – wheat harvest to fall by 12m tonnes

Australia’s wheat harvest for its 2017-18 season will be more than 12m tonnes lower than last year’s record harvest as dry weather hits crop yields. The National Australia Bank has forecast this season’s wheat harvest at 23m tonnes, much lower than the 35m tonnes produced last season.

Russia – Putin extends Russian embargo on EU and US food imports

Russian president Vladimir Putin has proposed to extend the Russian embargo on food imports from the EU and US among other countries by another 18 months to the end of December 2018. Prior to the ban, EU countries exported €12bn worth of food to Russia.

UK – liquid milk production falls to 40 year low

In a normal year, over 50% of milk produced by UK farmers would go for use in liquid milk. However, in the last 12 months liquid milk production in the UK has fallen to just 39% of overall milk use, the lowest level in 40 years.

Brazil – corn prices falling below cost of transport

Falling corn (maize) prices in Brazil mean the cost of transport is beginning to rise above market returns for many farmers in cereal growing regions. Corn prices in Sao Paolo have halved in the last year to $131/t, while in Mato Grosso prices are as low as $80/t.