The Russian meat market has declined 7.5% to 10m tonnes since 2013 and is set to fall a further 6% this year, as Russians cut their spend on food. While the Russian ban has seen imports fall 70% to 700,000t, there is still excess domestic supply. In normal circumstances, this would lead to exports, but this is not possible due to trade barrier.

While China’s dairy imports appear to have stabilised over recent months, demand on the world market for dairy commodities is increasingly affected by higher inventories and the reduced buying power of oil-producing nations such as Nigeria in particular. Imported milk powder accounts for over 75% of Nigeria’s dairy industry because domestic milk production remains low.

German fertiliser manufacturer K+S said it expects a “significant” drop in potash prices over the coming 12 months, as high fertiliser stocks and economic uncertainty in global agriculture weighs on prices. The group said global potash demand will remain similar to 2015 levels at around 64m tonnes.

Cargill, the US agribusiness giant, has said it will cut its use of antibiotics in its cattle feedlots by one fifth this year. Cargill-owned feedlots are home to 1.2m cattle or 18% of the group’s overall annual throughput. Cargill said the cutback in antibiotic use responds to “customer and consumer desires”.